Transcript
Thomas H. Wetzel & Associates, Inc.
October 24, 2011
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•Majority of U. S. adults use social networks
•Baby Boomer use rose 20% in last year – now stands at 32%
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SOCIAL MEDIA IS:
Productive
Cost-Efficient
Risk-Averse
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Provided
THAT IT IS DONE RIGHT!
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Playing Offense AND
Defense --At the Same Time
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On Offense…
Promote your brand Generate leads Strengthen customer relationships Build communities around customer
needs Develop advocates Tell the insurance story Listen, learn and engage
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It Does Not Mean:
Just setting up a Facebook page Treating social media as just another
corporate mouthpiece Buttonholing social media in the
marketing department – it must be an enterprise function
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It Does Mean:
Listening, not lecturing Creating your own demand Building communities around core
competencies Encouraging “social sharing” Using data effectively
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On Defense…
Defend your brand Know how to respond to criticism and
turn it your advantage Build legal protections Create risk management plan
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It Does Not Mean:
Blocking all employee access Tuning out the complainers Waiting for the first compliance violation
to take action Putting it on the backburner until
business improves
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It Does Mean:
Creating a strategy and plan for formal participation
Educating and guiding employees and producers
Establishing usage guidelines and enforcing them
Managing your social media profile
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Social Media Is Not Just About Communications…
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It’s Also About the Data
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Entering the era of Web 3.0 Using the data effectively and safely Monitoring with blinders More than checking your own sites Use two or more services and variety of metrics Know what your competitors, producers and buyers are doing
Some insurance departments are now monitoring social media activity and more will start soon
Regulators concerned about absence of research protocols Every insurance function affected
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Regulatory Red Flags Insurance departments now monitoring
social media activity Concerned about absence of research
protocols Advertising Testimonials and Endorsements Consumer Privacy Record Retention Agent Monitoring (or lack of it)
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Legal Issues
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Case law is evolving Many areas of law affected: employment,
contracts, intellectual property, privacy, data security
# 1 concern – online terms and conditions
Four must-haves: policy, guidelines, monitoring, training
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Tom Wetzel is a highly-respected seasoned public relations counselor with over 30 years of distinguished service to dozens of clients in the property-casualty, life and health fields. He is also one of the most in-demand authorities on social media in the insurance industry. In addition to overseeing short-term consults and full-scale social media programs for insurers, he has delivered keynote presentations and workshops to many insurance groups, including A.M. Best, National Association of Mutual Insurance Companies, Insurance Marketing & Communications Association, Insurance Financial Communicators Association, Society of Insurance Research, Insurance Data Management Association, the National Insurance School on Market Regulation and National Fraternal Congress. Upcoming presentations are also scheduled with PCIAA, NAPSLO, and AAMGA. He writes a blog on social media at www.thegoodrisk.com and a regular column on social media in Rough Notes.
Thomas H. Wetzel & Associates, Inc.
The Cost/Benefit Equation Use existing staff to start – not just a
twenty-something in a cubicle Create support system Phased-in implementation Use roadmap to avoid missteps Recalibrate marketing expenses Minimize compliance, litigation costs Measuring performance
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What’s New in 2012
Specify ROI (soft and hard) Growing regulatory scrutiny Commercial lines applications Widespread carrier-agent cooperation Mobile Internet explosion (content and
apps)
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THE SOCIAL MEDIA STARS
USAA New York Life State Farm Thrivent Westfield Insurance Farmers Foremost Alfa Insurance PEMCO VPI Pet Insurance Allstate Erie Insurance American Family Insurance Shelter Insurance GEICO Florida Association Progressive of Insurance
Agents Liberty Mutual
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Follow our blog at www.thegoodrisk.com Join our Facebook discussion at
Social-Media-Management-for-Insurance-Industry
For information on our services, see wetzelandassociates.com
Social Media Management ProgramShort-term Consults
Insurer ProfilesEmployee, Producer Training
Email us at twetzel@wetzelandassociates.com Phone: 708-524-4944 Cell: 708-577-8658
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