social media - playtime is over - imca conference june 2013

Improving the Online Customer Experience

© 2008 The Customer Respect Group Inc.

Terry GolesworthyThe Customer Respect Group

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Playtime’s Over: Social Media in the Insurance Industry and How It Needs to Change



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It’s Not IF we use Social Media



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71% of consumers report being more selective about "liking" a company on Facebook than they were last year.

Every month 15% of insurers lose Facebook fans



81% of consumers have either "unliked" or removed a company’s posts from their Facebook News Feed.

43% saying their wall was becoming too crowded with marketing posts 24% saying posts were too promotional.

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Relevant InterestingShareable

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Fan Fest

Size Counts



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WHY WOULD ANYONE BE

FRIENDS WITH AN INSURANCE

CARRIER?



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“We are all scared to death about social media within our industry. We want to start with it. But we’re all just looking at each other, and nothing material is happening.” Insurance CEO



So why bother?

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Expectations



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CommunicationsREVOLUTION



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“We’re not yet comfortable that social media has matured to the point we’ll benefit more than we’ll suffer,”

Defense

We’re especially disappointed that this individual case eroded the trust we’ve built with our customers over the past 75 years.



Defense

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Gain Experience

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Who do you want to reach?What would interest them?

How do they want to consume information?

How do we reach them?

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To purchase insurance, consumers use an average of 11.2 sources of information over 3 months – Google Zero Moment of Truth

Consumers trust peers far more than brand marketing – Neilsen

People like to share#1 way to share information is “a link”Social media is the plumbing – its how people are connected and share

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Why is social communications different?

Ongoing dialogueProvide interesting, relevant content

Find connectors, messengersEncourage sharing culture

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© 2008 The Customer Respect Group Inc.Normalized Weighted Interactions

Auto-Owners InsuranceWoodmen of the WorldCalifornia CasualtyNew Jersey Manufacturers Northwestern MutualShelterModern Woodmen of AmericaSafecoAllstate MotorcycleState AutoHorace MannPrimericaCentral Insurance CompaniesBrighter Life (Sun Life)MetLifeAmerican Collectors InsuranceGreat American Insurance GroupUSAAInGear for Truckers - AcuityNationwide Insurance 34



Communities and Common Bonds



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• Strengthen the bond with policyholders, potential policyholders, and agents• Reinforce with agents that ACUITY is the go-to carrier for that market • Premiums up nearly 22% with uptick in retention rate

“Of course, there are many reasons which are contributing to this growth, but a successful social media strategy is certainly among the mix.”Paul Miller, VP Marketing, Acuity



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Joel McKinnon – Farmers Agent

On Facebook, Pinterest, Twitter, Google Plus, LinkedInLoves youth and high school sports, support local communityHas 3 kids and lives in townLoves NASCAR and Monday Night FootballBig supporter of local businessesIs passionate about his business and customers

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Joel McKinnon – Farmers Agent

Facebook FansJoel – 2,145Farmers – 2.3 million

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Listening is the best part

Social Media is a stream of Life Events

New home purchaseNew carPregnancy and BirthsGraduationsJob changesNew teen driversHome ProjectsInterestsTravelLead generation – lead nurturing



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“It’s about differentiation. With multiple agencies within a few miles of my office, I need to be different – not just from the other capable agencies but from the growing number of direct insurers.”

Chris Paradiso, Paradiso Insurance

“I don’t need to sell insurance on social media, they know I do – I need show that I am someone they can turn to and trust”

Joel McKinnon, Farmers

“I look at it more as a way to maintain relationships with my existing clients and prospects in a way that they’re comfortable with,” he says. “I’ve never looked at it as a way for me to get more sales, even though it really ends up resulting in that.”John Groth, Northwestern Mutual



What is your Role?

Training and GuidanceFind their voiceFind an approach consistent in their strategic objectives. The balance of being social (community-oriented, fun) with being a trusted authority.

TechnologyWhat platforms, how do you set them up, who’s there, how to run local ads The role of video, local images

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ShelterTravelers InsFarm Bureau FinAuto-OwnersModern Woodmen California CasualtyNationwide Erie InsuranceAmerican FamilyThrivent FinancialGrinnell Mutual Alfa InsuranceMercury InsuranceSafecoHorace MannThe Foremost GuyEncompassState AutoAFLAC

ContentSafety/loss controlClaimsHoliday ImagesHints and TipsFunctionalityStories, ongoing information, lead gen, lead nurturing

PromotionsReasons to reach outSweepstakesContestsWorks for both parties

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Social Amplification



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It’s not a question of IF you use social media

Social media IS the communications revolution and evolution

The Customer is now the publisher



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Build a defense – cannot be an internal silo

Set expectations – constant change is inevitable

Build Corporate Presence – fan size, audience, tone

Develop Agent and Social Amplification Strategy – recruitment, commitment

Micro Market Strategy – relevant, interesting



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Terry Golesworthyterry@customerrespect.comwww.customerrespect.comwww.customerrespect.com/blogTwitter: @terrycrgLinkedIn/in/TerryGo

978 412 0019

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mailto:[email protected]

http://www.customerrespect.com/



So where are we?

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social media - playtime is over - imca conference june 2013

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