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.

Transcript

  • 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, news stories, blog posts, etc.) are shared each week on

    Facebook. The average number of tweets per hour are 1.3m.

    More than 700,000 local businesses have active pages on Facebook. Purpose-built business Facebook pages have created more than 5.3bn fans. More than 250 Facebook applications have over a million combined users each month.

  • ..who are these people?

    Have you been influenced by customer review of a product, a

    movie, or a restaurant?

  • Who is using social media?Facebook Statistics

    YouY f il Your family

    Your friends Your employees

    YB t th i t t d i Your target prospects Your customers

    But are they interested in insurance?

  • ..but are they interested in insurance, surely this is about sharing pictures?

    Company FansUSAA 77,734

    AllstateInsurance 17,797

    AAA 15,439

    StateFarmInsurance 14,409

    AmericanFamilyMutualInsurance 10,185

    ProgressiveInsurance 9,459

    NationwideInsurance 5,156

    ProgressiveMotorcycle 2,981

    LibertyMutualInsurance 2,582

    Low in comparison (but growing fast)

    Verizon Wireless - 866,000 * Coca Cola - 5.7 million * Starbucks - 7.4 million

  • Isnt social media a minefield?

    Well get sued Well lose control ofWe ll lose control of

    the brand Employees will waste

    time People will say bad

    things about the brandthings about the brand Employees will give

    away corporate y psecrets

  • The coordinated attackThe coordinated attack

  • Customers will say bad things about the brand

  • Losing control of the brand

  • Even if you understand social media,you need a complete strategyyou need a complete strategy

  • Even if you understand social media, you need a complete strategy again its not about technologystrategy, again its not about technology

  • Even the best can get it wrongEven the best can get it wrong

    I i f i k b dIs it worse to forget to register a key brand on Twitter or leave a prototype iPhone in a bar?

  • Social media is a minefield none of these pages are official

  • Social media is a minefield

    Allen Nelson, general counsel, chief administrative officer and executive vice president at Crawford & Co. (a $1.1 billion claims administrator in Atlanta Ga ) started taking a look at social media because he wasAtlanta, Ga.), started taking a look at social media because he was concerned that the company could be the subject of disparaging comments on the Internet. Once he began looking around, Nelson was surprised to find multiple Facebook pages with the company name on them, set up p p g p y , pby employees who were using them to communicate.

    Jon Bidwell, chief innovation officer of Chubb. "Businesses are tapping that , pp gpower to enhance their brand awareness and deepen their engagement with customers and other constituents. This continuous dialogue also creates substantial risks, which companies are wrestling with throughout their organizations, from HR to IT to legal and marketing."

  • So what can/should you do?

    Just 19 percent of insurance companies have an official Facebook page

    Over 60 percent have some Facebook presence

  • So what can/should you do - DefenseSo what can/should you do - Defense

    Build an Inter-departmental team Compliance, marketing, customer service, web-

    development, sales, public relations, corporate affairs

    Senior level appointment to lead the teamSenior level appointment to lead the team

    Create social media guidelines and policy Cover all compliance considerations Internal and external (agent) training( g ) g

    Listen and learn Dont jump in to respond too quickly

    Take stock of existing assets and sitesTake stock of existing assets and sites

  • The Offense strategy firstgy

    What are you trying to achieve? Build brand awareness and familiarity Brand reputation Enhanced trust Create and manage customer engagement it

    is a dialogue Use greater personalization and develop a

    customer recommendation and referral process

    Create a goal Create a goal Understand progress measurement Do not focus on the technology (but

    keep an eye on Facebook)keep an eye on Facebook)

  • The Offense distribution

    The distribution model Carrier web strategies have

    suffered for years trying to fit into existing agent and agency models

    Agencies and agents have a big g g grole to play in social media but it needs to be complimentary

    Both carrier and agents will: have a dialogue with customers have a dialogue with customers recruit fans and followers Own Facebook and other social

    media pages

  • The Offense - tactics

    Image, brand and content strategys a egy

    Must accept the role of content creator

    Fan and follower recruitmentWho do you want to recruit Who do you want to recruit

    How many do you want to recruit Extend reach beyond traditional

    marketing

    E t d di l Engagement and dialog For what purpose Grow customer recommendations

    and referrals

  • Website Examples

  • Social Media Examples

  • Progressive engaging customersg g g g Reach out to customers on

    Twitter Quick switch to more robustQuick switch to more robust

    channels telephone, email TwitService is available in travel,

    telecommunications, high tech, and other industries

    Progressive has a conversation index (one to one messages) in the 70% 80% rangethe 70%-80% range.

    Provides an alternative channel for mobile users in natural disasters

    Effective use of Twitter Background

  • Liberty Mutual Brand Extension Be where the customer

    already is

    Blogs containing extensive content

    Create a dialog and beCreate a dialog and be associated with a subject area Responsibility

    Provide interactive extension to commercials

    Attracts high numbers of midAttracts high numbers of midage female consumers

  • GEICO enhancing a brand image

    A range of video content Company commercialsp y Informative education content Customer service Careers Viral video Warren Buffett plays AxlViral video Warren Buffett plays Axl

    Rose

    New content developed specifically for online viral growthspecifically for online viral growth

    GEICO channel has 3 million views of video contentviews of video content

  • Nationwide - extending reach

    Interesting content can reach a much...