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.
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.