NFCA Power Point 1 20 11
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Social media provides opportunities for insurance companies if implemented correctly. It can be used to promote brands, generate leads, strengthen customer relationships, and build communities. However, it requires listening to customers, educating rather than preaching, and building communities around assets. Companies must both promote their brand offensively and defend it defensively by responding to criticism and establishing social media guidelines and monitoring. While social media requires investment, it can help protect brands and reduce compliance and litigation costs. The insurance industry leaders in effectively using social media were listed.
NFCA Power Point 1 20 11
- 1. Presented for the National Fraternal Congress of America Thomas Wetzel January 20, 2011
- 2. SOCIAL MEDIA IS: Productive Cost-Efficient Risk-Averse
- 3. Provided THAT IT IS DONE RIGHT!
- 5. Playing Offense AND Defense
- 6. On Offense Promote your brand Generate leads Strengthen customer relationships Build a community around customer needs Develop advocates Tell the insurance story Listen, learn and engage
- 7. 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
- 8. It Does Mean: Listening, not preaching Educating, not lecturing Building a community around your assets Facilitating conversation Encouraging social sharing Using data effectively
- 9. On Defense Defend your brand Know how to respond to criticism and turn it your advantage Build legal protections Create risk management plan
- 10. 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 when business improves
- 11. It Does Mean: Creating a strategy and plan for formal participation Educating and guiding employees and producers Establishing usage guidelines and enforcing them Managing your social media profile
- 12. TACTICS Microblogging Social Network Participation Monitoring Video Marketing Blogger Relations Influencer Engagement Community Creation & Engagement Word-of-Mouth Marketing Training Blogging
- 13. Monitoring Mandatory Should be done daily More than checking your own sites Use two or more services Utilize variety of metrics
- 14. How Much Will It Cost? May use existing staff to start Cost vs. value How much is protecting your brand worth? Recalibrate marketing expenses Minimize compliance, litigation costs
- 15. Whats New in 2011 Pressure to demonstrate ROI Increasing regulatory scrutiny Litigation challenges Greater carrier-agent cooperation Corporate-based communities (Facebook is not all there is)
- 16. THE SOCIAL MEDIA STARS USAA Thrivent New York Life Alfa Insurance State Farm Westfield Insurance Farmers PEMCO VPI Pet Insurance Allstate Erie Insurance American Family Insurance Shelter Insurance GEICO Florida Association Progressive of Insurance Agents
- 18. BEST PRACTICES Strategy first, tactics second Dont experiment, construct a roadmap Every department plays a role Engage legal counsel early Revise existing guidelines Train, train, train Monitor and measure
- 20. TAKEAWAY #1 Social Media is mainstream communications
- 21. TAKEAWAY #2 Avoiding corporate-sanctioned and managed participation is no longer a viable option. Neither is ineffective participation.
- 22. TAKEAWAY #3 Social Media affects every insurance function and every function needs to play a role.
- 23. TAKEAWAY #4 Hit or miss experimentation is no substitute for a carefully-designed plan.
- 24. TAKEAWAY #5 Social Media is not to be feared or shunned. It is not a magic bullet, however it is an indispensable one.
- 25. TAKEAWAY #6 The time to start is now.
- 26. Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry Follow our blog at www.thegoodrisk.com For information on our services, see wetzelandassociates.com Email us at twetzel@wetzelandassociates.com Phone: 708-524-4944 Cell: 708-577-8658