More than 70% of insurers distributing through the independent agency network use social media
A new report by Novarica finds that while agents are communicating with insurers via social media, insurers policies are not keeping pace with the changes. “Insurer Social Media Strategies for Independent Agent Distribution” determined that a whopping 40% of insurers surveyed have absolutely no official social media policy in place presenting a situation ripe for compliance risk and lost opportunities. The report surveyed 82 different insurers in June 2012 who write through independent agents. Novarica also conducted an additional survey of 150 independent agents themselves. The survey findings where then condensed into a discussion of six different ways insurers are currently supporting their independent agent’s social media efforts. It also examines the different social media usages rates between insurers and agents as well as the preferred uses and actions of each platform (focusing especially on Facebook, Twitter and Linkedin). Overall the report urges all insurers to begin to consider social media as a part of their producer relationship management strategies. Some of the more interesting findings from the report include
- Insurers and agents are incorporating social media into their overall communications strategies;
- Many one-to-many and one-to-one communications are now occurring across the insurance value chain from policyholders to agents to carriers;
- More than 70% of insurers that distribute through independent agents have some presence on either Facebook, Twitter or Linkedin;
- More than half of insurers that use independent distribution say they use social media to share general info with policyholders, and half of P/C insurers in this group say they use it to share general information with agents;
- More than 30% of insurers that distribute through independent agents say they use social media to find prospects;
- Close to 30% of P/C insurers says they use social media for one-to-one communication with both agents and policyholders;
- Independent agents are also active users of social media to enhance their customer relationships as well. More than 30% of agents use Facebook to stay in touch with policyholders, with rates closer to 50% for agents under 40 years old.
- Despite these rates of usage, 40% or more of insurers have no official social media policy in place, which can create compliance risk and limit the company’s ability to capitalize on social media activity in supporting their distribution strategies.
Interested in purchasing the report? Here’s some more particulars…Authors: Matthew Josefowiz, Karlyn Carnahan, and Steven Kaye Pages: 13 Published: July 2012 Price: $1,500