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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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Thomas H. Wetzel & Associates, Inc.

Playing Offense AND

Defense --At the Same Time

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Thomas H. Wetzel & Associates, Inc.

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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Thomas H. Wetzel & Associates, Inc.

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 twetzel@wetzelandassociates.com Phone: 708-524-4944 Cell: 708-577-8658

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