Insurance Agents Need New Social Media Direction – The Long and Winding Road or The Highway?

Insurance carriers have worked tirelessly over the years to convince agents to embrace social media, but adoption has, in truth, been slow and sporadic. The most compelling case for social media has always been “that’s where people spend time” — and that’s not about to change — so why are agents so reticent?

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Time to Reboot Social Media and Look for Social Potential

Gartner Hype Cycles provide a graphic representation of the maturity and adoption of technologies and applications. It is a good representation and worth reviewing for social media. In summary, social media is well past the “Peak of Inflated Expectations,” – and they were certainly inflated – has without doubt entered the darkened world of the “Trough of Disillusionment” which begs the question of when will it climb up the “Slope of Enlightenment” if ever?

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A Review of Social Media in The Banking Sector

The Role for Social Media in Banking Industry

What purpose does social media serve and how can it contribute to the business of banks? Despite the corporate presence of social media for more than 6 years, there remains uncertainty about how best to use the communications technology and platforms.

We take a look at findings from two sources—a survey of attendees at the recent BankSocial conference (consisting largely of community banks and credit unions) and a comprehensive content review and analysis of social activity by some of the nation’s largest banks.

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Content Marketing in Insurance – The Solution or Part of the Problem

Social media promised a direct and less formal route to customers, but it has created mixed results. The are many issues to address, but one specific problem is the significant increase in the demand for content. Content which is less product focused, but more conversational or educational is far more likely to be shared between customers and this is generally labeled content marketing. But content marketing is not without its own problems.

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What Can The Amazon Dash Button Teach an Insurer?

Recently, Amazon unveiled “Dash” buttons, which you attach to a household appliance or kitchen surface and then connect to the Internet (and the Amazon store) via the home Wi-Fi. For example, one of Amazon’s partners is Procter & Gamble, so when you run low on laundry detergent, you just press the button and Amazon will send out a new box of Tide. So, does this have any relevance to insurance? Not directly, but it does illustrate that people will always seek out more convenient ways to select and buy products. Yet when we look at our own industry, very few changes have been made to the business model in decades. Why do we assume we are immune to the demands?

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The Auto Insurance Experience

My son recently moved to North Carolina and needed to buy a new (used) car and his first insurance policy. “I can help with the insurance,” I suggested, eager to be helpful but also to experience the process through 2015-07-17_15-14-15the eyes of a millennial.

I think I understand auto insurance and recommended coverage and liabilities levels and deductibles that I felt were suitable,

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Insurers are Losing the Customer Satisfaction Battle – Can Social Media Help or Hurt?

The American Customer Satisfaction Index (ACSI) is an independent benchmark of customer satisfaction grounded in annual customer surveys. In the most recent insurance industry report, satisfaction in Property and Casualty insurers is down 3% and life insurers down 4%. David VanAmburg ACSI’s managing director speculates that the underlying cause for the downturn is “the strong influence of customers’ perception of the value proposition.” In other words,

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Insurance is a Commodity if the Customer Says it is

Insurance is not a commodity, insurance is not a commodity. If we keep saying that, is it true. Among the latest deluge of GEICO ads is a series entitled, “Did You Know…”, in which one character absent mindedly says “hmmm, 15 minutes can save you 15% or more on car insurance.” A second character responds “yeah,

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Social Media Turns the Funnel Upside Down

Attend any presentations about social media at an insurance conference and you will undoubtedly see a slide that displays the latest data on the incredible number and variety of people active on social networks. I do not question the numbers but do question the value of the slide – social media is about connections,

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SocialMedia for Insurers – Stop Counting and Start Measuring

Gathering a myriad of metrics for social media has always been easy – because we count, not measure. What’s the difference? catCounting includes the number of fans, followers, pins, clicks, reach, shares, retweets and likes. These are vanity numbers which platform vendors and digital agencies have made readily available.

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