The Power of Social Media in the Insurance Industry

social media and the Insurance Industry

The insurance industry can benefit from social media

Social media can be a powerful tool for consumers and businesses alike. Platforms like Facebook, Yelp, and Twitter offer companies an opportunity to engage consumers in a more dynamic way, while also serving as platforms for consumers to express their opinions about the products and services that a company may be offering. For the insurance industry, social media can be quite important to maintaining credibility. Insurance is often a controversial issue, with many companies being seen as disconnected from consumers entirely. A social media presence could help make insurers seem more personable to the people they are trying to sell products to.

A recent study from Accenture shows that potential customers are beginning to rely more heavily on reviews and opinions they find on social media sites when they are looking for insurance coverage. Approximately 48% of people looking to purchase insurance base their decisions on comments they find on social media sites like Facebook. Many of these people are even more likely to purchase coverage from insurers and brokers that have an active social presence. Notably, brokers that offered advice to consumers were more likely to sell products to these consumers than brokers that remained silent online.

Study shows that personalized advice from insurers is important

social media and the Insurance IndustryThe study also saw that 80% of people consider receiving personalized advice from their insurance carrier as important. When someone shares online that they are about to have a baby, for instance, and their insurance company offers advice on what sort of coverage they could benefit from, consumers are more likely to take this advice to heart when looking for new coverage. Information that people share freely online can help agents and brokers better connect with customers, allowing them to provide a more personable experience.

Social media also allows insurers a chance to rejuvenate their brand. Many insurance companies have been in the business for decades, well before the Internet even existed. These companies can often be seen as old, or even obsolete, because they have little to no understanding of how the Internet works. By embracing social media, however, companies can show that they are willing to adapt to changing times and, more importantly, make an effort to connect with people. Social media also serves as a powerful way to highlight new products that are being offered, and obtain opinions from customers that could affect future products.

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