Insurers and Social Networks
July 29, 2010 12:00 AM
Cover Slide
Insurers continue to find new ways to leverage social networks. Boston-based analyst firm Celent published a pair of reports: "Leveraging Social Networks: An In-Depth View for Insurers" (April 2010) and "Digital Marketing in Insurance: A Partnership with Potential" (April 2010) that examine insurers' thoughts on the role of social networking in the business.
Slide 1
Insurers surveyed as part of the Digital Marketing survey felt that the use of social networks would increase. Open during February and part of March 2010, the survey gathered responses from 75 people from around the world.
Slide 2
The majority of respondents felt social networks were more efficient than traditional media. Personal and commercial lines were heavily represented in the survey, with 57% and 47% of responses, respectively, covering these sectors.
Slide 3
Social networks differ from traditional media in numerous ways, including how carriers reach customers, customers' attitudes toward the carrier and their overall impact on customers' online experience.
Slide 4
Insurers are effectively using social media as a cheaper marketing medium. Looking at the top 10 U.S. P&C insurers' Facebook and Twitter accounts in March 2010, it's evident that most large U.S. P&C insurers have a social network presence. Also, research indicates that the greatest social media impact has been made where comic mascots have
been employed by carriers.
Slide 5
Advertising campaigns successfully utilizing social media can positively impact brand recognition and bring new customers. The "Compare the Meerkat" campaign in the UK has been particularly effective.
Slide 6
While not directly associated with insurance, Procter & Gamble's Old Spice deodorant viral campaign gained huge engagement through social media.