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DESCRIPTION
Social Media Workshop at conference of American Association of Managing General AgentsTRANSCRIPT
Thomas H. Wetzel & Associates, Inc. 1
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•Baby Boomer use rose 20% in last year – now stands at 32%
•Majority of U. S. adults use social networks
Thomas H. Wetzel & Associates, Inc.
THE GROWTH OF MOBILE
Smartphone sales outstrips laptop and desktop sales in 2010
Projected smartphone sales in 2016 – 1.5 billion units
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SIX THREATS FACING THE INSURANCE INDUSTRY
• SOFT MARKET/WEAK ECONOMY• REGULATORY CHANGES• THE VIRTUAL CONSUMER
• CARRIER/PRODUCER RELATIONS• DATA/ERM DEMANDS
• TECH AS A GAME CHANGER
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THEY WANT TO BE FOUND !
ADD TO THE PURELY TRANSACTIONAL RELATIONSHIP, MAKE IT DEEPER
TOP-OF MIND VISIBILITY
JUST-IN-TIME ACCESSIBILITY
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“Flip scarcity with abundance and everything changes.”
Seth Godin
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SOCIAL MEDIA IS:
Productive
Cost-Efficient
Risk-Averse
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Provided
You Do It RightDo Not Take Half-Measures
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Playing Offense AND
Defense --At the Same Time
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On Offense…
Promote your brand Generate leads Strengthen customer relationships Build communities around customer
needs Develop advocates Tell the insurance story Listen, learn and engage
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It Does Not Mean:
Just setting up a Facebook page Treating social media as just another
corporate mouthpiece Buttonholing social media in the
marketing department – it must be an enterprise function
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It Does Mean:
Listening, not lecturing Creating your own demand Building communities around core
competencies Encouraging “social sharing” Using data effectively
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On Defense…
Defend your brand Know how to respond to criticism and
turn it your advantage Build legal protections Create risk management plan
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It Does Not Mean:
Blocking all employee access Tuning out the complainers Waiting for the first compliance violation
to take action Putting it on the backburner until
business improves
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It Does Mean:
Creating a strategy and plan for formal participation
Educating and guiding users Establishing usage guidelines and enforcing
them Managing your social media profile
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Social Media Is Not Just About Communications…
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It’s Also About the Data
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Entering the era of Web 3.0 Using the data effectively and safely Monitoring with blinders More than checking your own sites Use two or more services and variety of metrics Know what your competitors, producers and buyers are doing
Some insurance departments are now monitoring social media activity and more will start soon
Regulators concerned about absence of research protocols Every insurance function affected
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Regulatory Red Flags Insurance departments now monitoring
social media activity Concerned about absence of research
protocols Advertising Testimonials and Endorsements Consumer Privacy Record Retention Agent Monitoring (or lack of it)
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Legal Issues
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Case law is evolving Many areas of law affected: employment,
contracts, intellectual property, privacy, data security
# 1 concern – online terms and conditions
Four must-haves: policy, guidelines, monitoring, training
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The Cost/Benefit Equation Use existing staff to start – not just a
twenty-something in a cubicle Create support system Phased-in implementation Use roadmap to avoid missteps Recalibrate marketing investment Minimize compliance, litigation costs Measuring performance
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What’s New in 2012
Specify ROI (soft and hard) Growing regulatory scrutiny Commercial lines apps acceleration Widespread carrier-agent cooperation Mobile Internet explosion (content and
apps)
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Thomas H. Wetzel & Associates, Inc.
Follow our blog at www.thegoodrisk.com Join our Facebook discussion at
Social-Media-Management-for-Insurance-Industry
For information on our services, see wetzelandassociates.com
Social Media Management ProgramShort-term Consults
Insurer ProfilesEmployee, Producer Training
Email us at [email protected] Phone: 708-524-4944 Cell: 708-577-8658
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