Social Media in the Insurance World

Social Marketing

Social media sites and usage are constantly evolving, with sites changing and new platforms being introduced at regular intervals. Various features will change and social media platforms will come and go, but the unique aspects of social media will move forward. Its speed, reach, and collaborative nature is likely to ensure the long-term appeal and success of the medium. Regulators and licensees are encouraged to remain mindful of aspects as they develop guidelines for regulating the use of social media. People use social media for many reasons: communicating, collaborating, seeking expert advice, sharing multimedia, presenting opinions, sharing reviews and for entertainment.

Insurance Companies and Social Media

An increasing number of people are using social media in their shopping decisions. Social media helps them filter a large amount of information available by being able to rely on comments from their friends and like-minded individuals. The insurance industry is built on networking and building a great reputation. Because of this, the potential of using social media in insurance companies and producers is quite extraordinary. Insurance companies are investing a great deal of time and resources in social media.

Customer Relationships

Insurance companies should use social media in all its forms as early as possible, not to push products or services, but to build consumer relationships, based on the exchange of information that’s trustworthy. The goal of developing these relationships is to create a marketing presence and product branding, which should generate new customers. Social media allows producers to provide a 24/7 help center where customers can build relationships on their own terms. Most consumers use social media to share info about insurance companies and producers. These Internet sites allow anyone with a web access to post comments for others to read.

Social Media Usage around the World

Of the world’s population, it is estimated 2.1 billion people, which is about 1/3 of the world, have Internet access. Of the world’s regions, Internet usage is the highest in North America with an average close to 80%. Internet usage in the United States has grown from 44% to 77% in the past 10 years. The most popular social media sites include Facebook, Twitter, Snapchat, YouTube, and many others. Depending on your consumer market, each social media can be used to reach specific markets.

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