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Nathan Golia
Nathan Golia
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Video: Do Life Insurers Get Social Media?

Life insurance and social media seem like a great fit, and leading companies are making moves now to build a presence in the channel.

We've been looking at the role of social media in breaking life insurance's stalemate for quite some time. The product is largely off the radar of consumers — LIMRA and the LIFE Foundation report that more than three in 10 consumers are underinsured, and many say that they aren't even being marketed the product.

Social media is seen as the right kind of channel for life insurance marketing — it allows companies to connect with their prospects and customers often, staying visible and keeping the product top-of-mind. And life carriers are taking notice: Securian Financial Group recently released metrics from a social media initiative where it shared videos on its several social sites with the goal of increasing user engagement.

“We knew that if we waited for ideal conditions to launch a social media campaign we’d fall behind the curve,” said Angela Schema, communications manager for the company, in a statement. “Our results show that our long-term value proposition is resonating and we can build a social media community around our brand.”

The company increased Facebook likes by 27% and Twitter followers by 19%.

These and other examples offer a model for other life insurers. I spoke with Ian Lundahl, senior analyst for life insurance at Corporate Insight, last fall about best practices for social media in life insurance, as well as some specific examples. Below is the first in a series of videos from that conversation, which also featured the company's president, Mike Ellison, and its P&C analyst, Lauren Wistrom. Be on the lookout for more social tips and examples over the next few weeks:

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

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khittel
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khittel,
User Rank: Apprentice
3/1/2013 | 8:15:47 PM
re: Video: Do Life Insurers Get Social Media?
"Life insurance firms were slower to adopt" Social Media "than other Financial Services firms": That is an absolute canard. Exactly the opposite is true. Compare Life companies' FB, Twitter, & YouTube participation to that of the banks, asset managers, and investment brokers. Sure, regulatory compliance remains a huge issue & obstacle for everyone, but that's proven much more true of the latter firms than life carriers. Life insurance firms taking a leadership role in FS Social Media efforts is even more obvious when you consider the number of Life companies making Social participation available to their agents, Reps, FAs, etc. via regulatory-compliant solutions such as Hearsay, Socialware, & Actiance. How many FS firms are doing the same? Precious few. Regardless of the challenges still facing the Life industry in re: Social, let's at least acknowledge progress made and stop repeating the "slow moving" canard.
Chris_Hill
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Chris_Hill,
User Rank: Apprentice
1/10/2013 | 4:02:21 PM
re: Video: Do Life Insurers Get Social Media?
There is a huge opportunity to use social media as a vehicle to reach and engage with consumers. At the LIFE Foundation (www.lifehappens.org), we rely heavily on SM to reach Americans in order to educate them, raise awareness and motivate them to contact an insurance professional. For example, through daily content and advertising, we were able to increase our Facebook fans by 1600% percent last year from 8,000 to approximately 140,000 fans while our reach grew to nearly 56 million. It's an excellent platform to have a rich experience with people including conversations, sharing and engagement with Apps and other resources.
Cara Latham
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Cara Latham,
User Rank: Apprentice
1/8/2013 | 1:33:58 PM
re: Video: Do Life Insurers Get Social Media?
Provided that more than three in 10 consumers are underinsured, and many say that they aren't even being marketed the product, this provides a huge opportunity for a social media strategy to not only help a particular company gain new potential customers, but also to help educate the public about the importance of having insurance.-
Joe Lockwood
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Joe Lockwood,
User Rank: Apprentice
1/8/2013 | 12:48:56 PM
re: Video: Do Life Insurers Get Social Media?
Great article on social media in the insurance industry.- It is shocking how far behind the insurance industry is behind in taking advantage of this digital revolution compared to other industries.- I can't seem to figure out if it is due to regulations or that the insurance industry is just a slow moving, run by an older generation, non-tech savvy industry.- Somewhat related, check out this great blog that I came across yesterday called "Life Insurance is More Affordable than you Might Think".- http://blog.lifeinsurancethink...
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