Tweet, Tweet, Ping, Ping Social Media Strategies For Insurance

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This presentation was given at the 2010 IASA Annual Conference by Jennifer Overhulse-King of St. Nick Media Services and Craig Lowenthal of Glatfelter Insurance. It details the basics of social media, how insurance companies are using it, how technology and service providers can use it, the dangers of social media, privacy and regulatory concerns, and how to put a policy in place to regulate use by your company's employees.

Text of Tweet, Tweet, Ping, Ping Social Media Strategies For Insurance

  • Session # 276Tweet, Tweet, Ping, Ping: Social , , g, gMedia Strategies for Insurance

    Monday, June 73:30 5:00 PM

  • Introduction

    HousekeepingItems Turnoffcellphones,pagers,etc.R b fill i Remembertofilloutyoursessionsurveys

    Q&Aattheendofthesession

    TodaysTopic Tweet,Tweet,Ping,Ping:SocialMediaStrategiesforInsurance

  • JenniferOverhulseKing,PrincipalOwner St.NickMediaServicesJenniferOverhulseKingistheprincipalownerandfounderofSt.NickMediaServices.Sheisawriter,aswellasamarketingandpublicrelationsexpert,withmorethan20yearsofjournalismbackgroundandexpertise.JenniferbeganworkingwiththeinsuranceindustryasacopywriterforTheNationalUnderwriterCompany,andshesubsequentlyheldvariousmarketingleadershippositionswithNationalUnderwriter,TechDecisions,ClaimsMagazine,andFloridaUnderwriter.AsprincipalownerofSt.NickMediaServices,Jenniferworkswithvendorsandinsurancecompaniesaliketotailormarketing,PR,advertisingandsalesmessages/effortsspecificallyforconstituentgroupsimportanttotheinsuranceindustry.ShehasrecentlypublishedexpertarticlesinInsurance&Technology,TechDecisions,BestsReview,NationalUnderwriter,InsuranceNetworkingNews,AT&TsNetworkingExchange,IASAsInterpreterandtheJournalofInsuranceOperations.SheisamemberoftheInsuranceMarketingCommunicationsAssociation(IMCA),theInsuranceAccounting&SystemsAssociation(IASA)andiseditorofIASAsInterpreter.

  • June 7 June 7June7Agenda What is social

    June7(continued) Where do I start?

    media? Why is social

    media

    How do I manage and maintain it?

    important to the insurance industry?

    Can I measure it?

    What are the Do I need it? How can I use

    it?

    Wh t thdangers?

  • What is it?Whatisit?

    Socialmediais

    usergeneratedcontentdistributedthrough socialthroughsocialinteractionsfacilitatedonanalmostrealtimebasisbytheInternetorotherformsofelectronicdistribution.

  • What else is it?Whatelseisit? Itsavehicleforelectronic

    advertising

    Itsamarketresearchtool Itsacustomerfeedbackmechanism Itsanetworkingplatform Itsathoughtleadershipforum Itsawaytostayintouchwith

    remote offices or workersremoteofficesorworkers

    Itsarelationshipbuilder

    Itcanalsobe

    agreatwasteoftime,moneyandresources!

  • Some statistics to considerSomestatisticstoconsider Morethan77%ofallemployeestodayhaveaFacebook account.

    Morethan61%ofemployeesaccesstheiraccountduringworkhours.

    ArecentstudybyresearchersattheUniversityofMelbourneAustraliaindicatesthatworkerswhotooktheoccasionalmentalbreakatworkbyengagingincybersocializationactuallyincreasedproductivitybyapproximately9%.Doyoubelieveit?

    Whetheryoubelievethisornot,donotgiveemployeescarte blanche with social mediacarteblanchewithsocialmedia.

  • Whyshouldyoumonitorsocialmediausebyemployees?

    Potentiallyincreaseproductivity Protectyourcompanysnetworkfrom

    dangerousdownloads

    Reducecyberslackingortimewastedbyemployeesonlineduringworkhours

    Preventdataleakage Ensuredownloadsarefreeofviruses

    andothermalware

  • Do I need it?DoIneedit? TheshortanswerisYES! Sheernumberstellusthatsocialmediaisnotafad,itsheretostay. LinkedInhasover60millionmembersinover200countries,plus

    executivesfromallFortune500companiesareLinkedInmembers.

    InMarch2010alone,Twitterrecorded1,500%growthinthenumberofregisteredusers,andover70,000registeredappshavebeencreatedforthemicrobloggingplatformtodate.

    K i i dKeepinmind Itsthewaythenextgenerationofconsumersprefersto

    communicate.

    Yourcompetitionisusingit Yourprospectsandcurrentcustomersareusingit

  • Social media is like teen sexSocialmediaisliketeensex.Everyonewantstodoit.

    b k hNobodyknowshow.Whenitsfinallydone,thereissurpriseitsnotbetter.bette

    Avinash KaushikAvinashKaushik,AnalyticsEvangelist Google

  • OK OK social media is obviously the greatest thing sinceOK,OKsocialmediaisobviouslythegreatestthingsinceslicedbreadbuthowcan Iuseit?

    Brandrecognition Techsupport User group/forum Usergroup/forum Customerfeedbackmechanism Thoughtleadership Reinforcemessaging Networkwithpeers

  • Different strokes for different folksDifferentstrokesfordifferentfolks Agents

    Communityinvolvement Leadgeneration

    Carriers More effective underwritingMoreeffectiveunderwriting Preemploymentscreening Frauddetection

    V d /S i P id Vendors/ServiceProviders Newsportal Usergroups/forums Advertising/marketingchannel

  • Where do I start?WheredoIstart?

    Set a policy in place.Setapolicyinplace.

    Resources:

    1. AgentsCouncilonTechnologyorACT(www.iiaba.net/act)

    2 I M k l S d d A i i IMSA2. InsuranceMarketplaceStandardsAssociationorIMSA(www.imsaethics.org)

    3. (Insert shameless self promotion here.) St. Nick Media3. (Insertshamelessselfpromotionhere.)St.NickMediaServices

  • If l li i l i !Ifyoulegalizeityoucanregulateit!

  • Where do I start?WheredoIstart?

    Taketimetogathercompetitiveintelligence Listen Lurk LearnListen.Lurk.Learn. Examineavailableoptions

    DetermineyourcomfortlevelB f j i i h d d f h l l di Beforejumpingintothedeependofthepool,alwaysdipatoeintotestthewater.Ifweretalkingabouthavingchildren,thatmeansgetadog.Ifweretalkingaboutinvolvementinsocialmedia that means get a blog media,thatmeansgetablog.

    Defineyourpurposeandgoals Whydoyouwanttoparticipateinsocialmedia? Arethereharddollartargetstiedtoyourgoals?

  • Where do I start? (continued)WheredoIstart?(continued) Identifyinternalresources

    Employees/SMEs Partners IndustryAnalysts

    Collaboratively set strategyCollaborativelysetstrategy Involvetherightinternalgroupsorindividuals Decidewhatvehicleswillyouuse D id hi h t l ill b t ff ti i h l i hi Decidewhichtoolswillbemosteffectiveinhelpingyouachieve

    yourgoals

  • How do I manage/maintain it?HowdoImanage/maintainit? Reinforce/ReuseContent&Messaging

    Makeitconsistent Takeanoutsideinapproach Deconstructlongcomplicated

    messages

    Repurposecontent Implementanintegratedplan

    Tie new social media efforts back to Tienewsocialmediaeffortsbacktoexistingtools

    Pickasinglestartingplaceandownit B ild t t l d Buildacontentcalendar Recruitcontributors

  • How do I manage/maintain it?HowdoImanage/maintainit?

  • How do I manage/maintain it?HowdoImanage/maintainit?

  • Can I measure it?CanImeasureit? Commonmeasurements

    #offollowers Oftoverlookedmeasurements

    Upsell opportunities #offriends #offans Positive feedback provided

    Clickthroughs towebsiteorlink

    ReferralsPositivefeedbackprovided Customerinteractions Conversions

    Activity/engagementlevel Brand mentions Brandmentions Virality (retweets,sharing

    content,etc.)

  • WhatdoIdowiththeinformationIgather?gather?

    Analyzeyourmeasurements

    Test new strategies Testnewstrategiesandideasagainstbenchmarks

    Set new goals on a Setnewgoalsonaregularbasis

    Keepaddingtoyourmixmix

  • What is the downside? The Dangers of Social MediaWhatisthedownside? TheDangersofSocialMedia Thebiggestdangerisinactionorlackofparticipation. Social media can also result inSocialmediacanalsoresultin

    Legalimplications/liability Regulatoryconcerns/privacy

    U d f i d /f ll Unwantedfriends/followers Negativecomments/feedback

  • What is the downside?Whatisthedownside?

  • Questions?

    JenniferOverhulseKingPrincipalOwnerSt Nick Media ServicesSt.NickMediaServices15695GlencoeVeronaRoadVerona,KY41092

    Phone:8598036597Email:jen@stnickmedia.com

    www.twitter.com/stnickmediawww.facebook.com/stnickmediawww.linkedin.com/in/stnickmedia

    Andnow,ournextspeaker,CraigLowenthalofGlatfelterInsurance.

  • CraigLowenthal,SocialMediaStrategist GlatfelterInsuranceGroup

    CraigLowenthalhasbeenatechnologyprofessionalfor25years,andfocusedintheinsuranceindustryformorethan21years.PriortojoiningGlatfelterInsuranceGroup,LowenthalwastheCIOforNYMAGIC,INC.inNewYorkCity.BeforejoiningNYMAGIC,hewastheManagingPrincipalandChiefInformationOfficerforthestartup,IntegroInsuranceBrokers.PriortojoiningIntegro,LowenthalwaswithHartfordFinancialProducts,aunitofTheHartford,wherehewasVicePresidentandChiefInformationOfficer.Duringhistenurethere,heledtheefforttoreestablishHartfordFinancialProductsbusinessaftertheofficesat7WorldTradeCenterwerelostonSeptember11,2001.BeforejoiningTheHartford,heheldaseniorleadershippositionwithRelianceNationalInsuranceCompany,wherehewasManagingVicePresidentandChiefTechnologyOfficerforelevenyears.HeearnedhisBSinAccountingfromtheStateUniversityofNewYorkatAlbanyandisaCPAlicensedinNewYork.HeisanactivememberintheInsuranceAccounting&SystemsAssociation(IASA).

  • Most of the following content is basedon the research and findings fromg

    The Customer Respect Group21 Market Street

    Ipswich, MA 01938

    www.customerrespect.com

  • Social Media

    Cant ignore itCan t ignore it OR

    its the biggest load of hype since

  • Reasons to ignore social media

  • Reasons to ignore social mediag

    How many of you have said this?

  • Social media is full of noise and confusionSocial media is full of noise and confusion

  • but the numbers are compelling

    Facebook has in excess of 400 million active users on global basis. Twitter now has 75 million user accounts.

    Li k dI h 60 illi b i f d 1 b th

    g

    LinkedIn has over 60 million members, an increase of around 1m members per month.

    Facebook claims 200 million users log on every 24 hours The average Facebook user has 130 friends. 70% of bloggers are organically talking about brands. 38% of bloggers post brand or product reviews. 5 billion pieces of content (web links,