- Insurance companies expand social media presence
- June 17, 2013
By Emily Miller
Most financial institutions, including the life insurance industry, are looking towards building up their social media presence to help support their marketing efforts.
Aite Group and EFMA recently did a report that surveyed 166 financial services executives in the U.S. and Europe. Their report did an in-depth analysis on each financial institution’s previous and current social media plan. Their study focused on the impact it had on their company.
Their report showed that most financial institutions consider themselves novice or beginners in their use of social media. In 2010 only 30 percent of these firms had a dedicated budget for social media while in 2012 this number rose to 90 percent, with many spending an average of 6-8% of their market budget on social media.
Currently, the most active social media sites are Facebook and Twitter. Some financial institutions are looking towards expanding their online presence to LinkedIn and YouTube.
The method of providing policy-related data and reminders on renewals through Facebook messages is another topic of interest for insurance companies.
Social media is the fastest medium to connect with consumers. It tops the list of business objectives driving the use of social media at financial firms.
The Financial Brand, an online publication, came up with a list of ways financial institutions can effectively use social media:
– Peer-to-peer networking and professional development
– Resolving Customer Issues
– Corporate Social Responsibility initiatives
– Public Relations and Corporate Communications
“One thing is certain: Life insurers increasingly prize nimbleness and speed to market, which enable them to observe trends and quickly get products in the hands of producers and clients,” said Clark Troy, a senior analyst with Aite Group.
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