Almost Every Life Insurance Firm Has a Social Media Program

Almost Every Life Insurance Firm Has a Social Media Program [SURVEY]

LIMRA Social Media Survey Life Insurance

LIMRA published the results of their annual social media insurance survey: 93% of life insurance firms have a social media program, compliance is less of a challenge.

LIMRA, one of the largest association of life insurance and financial services professional globally, published the results of their annual social media insurance survey.

LIMRA Social Media Survey Life Insurance

7 Key insights

  • 93% of life insurance companies had social media programs in place in 2013, up 55% from 2010
  • 77% of companies report having social media programs targeted to the public
  • 70%  of companies have programs supporting financial professionals’ use of social media
  • 20% of companies say they plan to launch social media programs to reach these audiences in 2014
  • 98% of companies have a presence on LinkedIn
  • 93% of companies have a presence on Facebook
  • 68% of companies consider compliance as a key challenge (90% back in 2010)

If you are a LIMRA member, I invite you to download the full report, ‘Where Are We Now? Leveraging Social Media With the Public (2014)‘, which contains more insights and findings.

If done well, tapping social media is one of the most effective and cost-efficient ways for the insurance industry to engage with their customers and connect with their prospects.

But first of all, you must identify your brand purpose and clarify your business goals.  By experience, too many financial services firms skip that critical phase and hurry to buy a social media solution and go create and distribute content, hoping it will be enough to increase customer satisfaction and increase brand consideration…

If the results of this LIMRA survey on social media in the insurance industry look promising, they don’t give us much indication of the adoption of social media by those life insurance firms’ direct sales team, their tied insurance agents and their insurance brokers.  How actively are they engaging on social media on daily basis?  How successful have they been so far?  In digital and social media, those notions of ‘active’ and ‘success’ tend to be rather flaky.

Unarguably, having a solid social media strategy and partnering with a leading provider of compliant content management and distribution solution like Hearsay Social or Actiance is a step in the right direction.  But it’s just the first step, and one of the easiest, of your social media program for sales reps and agents.

What comes next?  Try this: sourcing and optimising your content, training your employees and partners, keeping them engaged, rewarding them for their involvement and their enthusiasm, ideally empowering them, tracking results, measuring the impact on your business goals and your brand (Net Promoter Score)…

Bear in mind that this LIMRA survey is just one face of a coin, but are you surprised to find out that almost every life insurance firm has a social media program?

If you enjoyed reading my article or if you wanted to react, I invite you to connect with me here, on twitter (@Visible_Banking) and on google+.

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