My colleague,
Bernoff highlighted insurance, which “is inarguably the dullest possible category.” Apparently, others agree that insurance does not rate high on the fun-o-meter of consumer brands. For example, John Swigart, chief marketing officer of
Forrester data shows that consumers' use of social technologies exploded in 2008, with 75% of U.S. online adults now participating in or consuming social media content at least once a month. So how should an insurance company, steward of boring products and brands, fully leverage social technologies?
Follow The Leaders
Several insurers have used the borrowed relevance strategy to implement effective social technology platforms for consumers and agents including:
• GEICO’s
• American Family’s
• Nationwide’s
Insurance marketing and eBusiness executives should also look outside of their industry to identify innovative and effective social technology strategies. Here are a few examples from other leading firms who addressed customer problems through a social technology strategy:
• Compass Bank’s (a subsidiary of Spain’s BBVA)
• EA Sports'
• Starbucks'
Develop an Insurance Social Technology Strategy
What will the future look like for insurance social technology strategy? I believe we will continue to see improved online social technology applications. Insurers will embrace borrowed relevance, and continue developing content and tools to solve customer problems and improve customer experiences.
In order to achieve this, insurers must:
• Get legal involved early to proactively address and develop governance and language that protects consumers, agents, employees and your brand
• Develop social platforms that are relevant to your policyholders’ daily lives, and address risk, protection, financial and social issues
• Innovate through your customers by enabling policyholders to build their own products; share good and bad experiences through ratings and reviews; and manage all of their financial inventory (e.g. insurance, banking, retirement) through your social application Who knows…maybe other industries will start to look at insurers as the innovators in social technology versus the world’s most boring industry.
Chad Mitchell is a senior analyst with
The comments made by bloggers on