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Social Media and Insurance Agencies -

What You Need to Know

Picture of Presenter

Jason Hoeppner, CIC

B. H. Burke & Co., Inc.

After attending this session, participants will:

- Understand what the "social media" concept means to an insurance agency;

- Know how to set up and begin using social media in their agencies;

- Understand the characteristics of several of the popular platforms (Facebook, Linkedin, Twitter); and

- Understand some of the implications of embracing (or not embracing) social media.

We will discuss what the term "social media" means and how your agency can benefit from its use.

We will review the characteristics of several of the popular platforms and show how some agencies have been using them to build their brand and provide better customer service.

We will also discuss some potential risks, such as E&O exposure and privacy violations, that agencies may face without proper planning and employee training.

Agenda

• Things to Think About

• The Relationship Spectrum

• What are Social Media?

• What is available?– Facebook– LinkedIn– Twitter

• How do I get started?– Agency Strategy

• Agency policy on Social Media

• Why should I as an insurance agent/agency be using it?

• Implications

Agenda

Things To Think About

• Let’s take a step back …

– Have you lost a client over the past year?

– Are you competing with direct writers?

– Do you have a huge marketing budget?

Things To Think About —Why Do You Lose Customers?

• Price

• Bad Service

• Someone else …

• Trust

• Direct Writers?

Things To Think About — Why Do You Keep Customers?

• Price

• Good Service

• Trust

• Relationships

• Laziness

• Bad experience

somewhere else

Typical Agency Relationship Progression - Without Social Media

RELATIONSHIP SPECTRUM

“Hav

e we

met

?”“I

know

you

from

the

Cham

ber.”

“Oh,

you

sell

insur

ance

.”

“Ok,

quot

e m

e.”

Renew

al tim

e…

“Am

I ha

ppy?

Am I

payin

g to

o

muc

h?”

“Service is great, and I trust him.”

…The relationship is solid.

Service Life

Could last months … or years! Could last years … or only months!

Typical Agency Relationship Progression – With Social Media

RELATIONSHIP SPECTRUM

“Hav

e we

met

?”“I

know

you

from

the

Cham

ber.”

“Oh,

you

sell

insur

ance

.”

“Ok,

quot

e m

e.”

Renew

al tim

e…

“Am

I ha

ppy?

Am I

payin

g to

o

muc

h?”

“Service is great, and I trust him.”

…The relationship is solid.

Service Life

Connect online & Connect online & shareshare

Oh, you’re a person,Oh, you’re a person,not just an not just an insurance geek!insurance geek!

Better service, enhanced relationship.

What Are Social Media?

• Social media are, quite simply, ways to interact, communicate, and share with others, and the only requirement is that you both be on the same platform … and have a shared “interest”.

• For insurance agencies, this means that in addition to phone calls and emails, you now have an additional way to establish and build relationships with your clients.

What Are Social Media?

• Are they the next big thing?– Unprecedented levels of profitability– 100% retention

• You should use them because everyone else is …– May not be appropriate for some.– Not all insurance agencies have the

same needs (or clients!).

What’s Out There• MySpace• Flickr• Facebook• YouTube• Twitter• LinkedIn• Blogs• Website

What is Available — Facebook

Facebook is a social application that allows you to connect with and stay in touch with friends, family, and acquaintances.•Sharing•Facebook Pages

– Business Accounts (only if you do not already have, or want, a personal account)

– Facebook Insights

•Facebook Ads (not free)•Facebook Places

What is Available — LinkedIn

“LinkedIn connects you to your trusted contacts and helps you exchange knowledge, ideas, and opportunities with a broader network of professionals.”•Your Profile•Network/Contacts/Connections•Groups•Q&A

What is Available — Twitter

“Twitter is a service for friends, family, and co-workers to communicate and stay connected through the exchange of quick, frequent messages.” •Tweets – “What’s Happening?”•Following / Followers•Mentions – “@”•Direct Messages•Lists

How Do I Get Started?Before you do get started:

1. Define your strategic plan.

• Where do you want to drive folks? What is your “base”?

• Are you looking to get new leads or build on the relationships that you have already established?

• How will these channels integrate with each other?

• Who will be responsible for developing this effort — and following through.

• What is the 6-month, 12-month, 18-month, and 24-month vision?

• At what point, or with what “results”, will you make adjustments?

Agency Strategy — side note• Do you have a current marketing plan or strategy?

• What are your goals?

– Make sales, acquire leads

– Expand your market

– Provide service, follow up

– Test the water

• Where can you afford to fail?

• Client/Prospect demographics — are they on these platforms?

• Can you support the engagement on social media?

• Additional concerns (management, mergers, new systems, etc. …)

Before you do get started:

2. Define the image or result you want to portray through the channel.• Who are your target clientele and to what do they

respond?• Is your image already defined?• Does it work the way it is?• Do you want to take a different path or expand your

base?• Are you consistent across each channel?

(Branding…!)

How Do I Get Started?

Before you do get started:

3. Decide what platforms you will use and who will lead this effort.

• What do you currently have in place (website, blog, personal Facebook accounts)?

• What capacity do you have to expand into other platforms?

• Where are your potential customers?• How will current clients connect and refer?

How Do I Get Started?

Before you do get started:

4. Based on all the above — set up an agency policy that outlines this strategy & ensure that everyone understands it!• Trust, responsibility.• Everyone on the same page, self-“regulation”.• Training, new-employee orientation.• Follow up, refine, hold people accountable.• Learn!

How Do I Get Started?

By the way, if you are not already using social media as an HR tool,you definitely should start!

Agency Policy on Social Media

• Personal vs. Business Accounts• Time authorized• When/What you are required to move to another

media.• Integration into workflows.• Approach it much like you do your internet

policy.• Appropriate Use

– Monitor it frequently enough– Consequences

Why Should We Use It?Before you make a decision to spend time on any of these platforms, you do need to take the time to think about the issue strategically.

– What is your agency image?

– Who are your target customers?• Are they on these platforms?• Would it be a value-add for them?

– Who will be “in charge” of these efforts?

– How will it affect your other efforts?

Implications

• What are some of the reasons you do not want a presence on social media platforms?

• What are some of the reasons you do want a presence in social media?

• What about E&O?

• What about privacy?

• What about …?

Implications — Online Presence & Image

• Think through your agency image and work it into your profiles.

• Although part of the reason behind social media is to bring the personal side to business relationships, business should be paramount.

• If you are going to venture into social media and establish or grow relationships, do not disengage once there.

Implications — What To Keep In Mind

• Using Social Media is not a panacea. It will, however, allow you to reach prospects and clients in a way that they may find more natural.

• Spammers! (And take care not to become one.)

• When appropriate, discussions (or service) should be taken to another medium.

• Keep your friends and followers interested. Provide good and valuable content.

Bonus

Your great articleon how to prepare your vacation home for winter…

People like and share your article

Now What?

• Use the platforms as another service channel?– Think of how you use email today.– E&O and saving correspondence.– When do you take it to other channels?

• Use the platforms as lead generators?– Absolutely!

• Use the platforms to communicate with your carriers?

Now, Back at the Office1. Discuss the use of Social Media & the various platforms available.2. Learn more about each one (see the useful links).3. Decide as an agency if & how you will employ the platforms.4. Write down the plan — with goals! This can also be used as the

agency policy for social media, on which everyone will be trained.(Think also about how you will measure the results.)

5. Designate the lead(s) for the effort.6. Sign up!7. Listen, watch, read, & learn more.8. Dip your toe in. Interact, communicate, share.9. Follow and link up with others (even those outside your areas).10. Share some more & gain a larger audience.

Do Not Expect Immediate Results. As With Any Relationship, Developing a Level of Trust That Transitions to an Agent/Client

Situation may take some time.

Another Note

• Aggregators — a streamlined way to manage and view all your Social Media platforms.

– TweetDeckhttp://www.tweetdeck.com

– HootSuitehttp://hootsuite.com

– Seesmic http://seesmic.com

Resources / Useful Links• Twitter

– Search.twitter.com - http://search.twitter.com/– We Follow - http://wefollow.com/– http://michaelhyatt.com/2008/05/12-reasons-to-start-twittering.html– http://www.cio.com/article/492019/Twitter_Bible_Everything_You_Need_To_Know_About_Twitter– http://www.socialmediaexaminer.com/9-ways-to-get-more-from-twitter/

• Facebook– http://www.allfacebook.com/2009/05/facebook-friend-lists/– http://webmarketingcoach.blogspot.com/2009/07/7-great-resources-for-using-facebook-as.html– http://webworkerdaily.com/2009/07/21/32-ways-to-use-facebook-for-business/– http://www.focus.com/fyi/marketing/facebook-marketing-toolbox-100-tools-and-tips-tap-facebook/– http://webworkerdaily.com/2009/08/31/is-facebook-really-better-than-twitter-for-your-business/#more-1632

0

• LinkedIn– http://onlinebusinessnetworker.wordpress.com/category/linkedin-networking-strategies/– http://blog.inc.com/e-commerce/2009/08/linkedin_small_business_success.html

• Other helpful articles & tools:– Mashable.com - http://mashable.com/ ; http://mashable.com/2010/01/18/better-social-networking/– http://www.cio.com/article/print/503304– http://www.problogger.net/archives/2009/09/03/9-things-to-do-to-make-sure-your-next-blog-post-is-

read-by-more-than-your-mom/– http://www.copyblogger.com/kumbaya-blogging/– Friend Feed - http://friendfeed.com/

Jason Hoeppner

B. H. Burke & Co., Inc.

Westbrook, CT

http://www.bhbco.com

Jason@bhbco.com

(860) 830-4080

• twitter.com/JasonHoeppner• linkedin.com/in/JasonHoeppner• facebook.com/JasonHoeppner

2010 ASCnet Partners

Principal Partner

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