social media for insurers - what's next?

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Thomas H. Wetzel & Associates, Inc. BSWB ATTORNEYS AT LAW Social Media Strategy: What’s Next ? 1 Presented for the Society of Insurance Research Thomas Wetzel November 16, 2010

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Presented to the Society of Insurance Research, 11-16-10

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Page 1: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media Strategy: What’s Next ?

1

Presented for the Society of Insurance Research

Thomas Wetzel

November 16, 2010

Page 2: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 2

Social Media: What’s Next

• Productive

• Cost-Efficient

• Risk-Averse

Page 3: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

Provided

THAT IT IS DONE RIGHT!

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Page 4: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 4

Social Media: You Can’t Wait Any Longer

Page 5: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 5

Social Media: You Can’t Wait Any Longer

Playing Offense AND Defense

Page 6: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 6

Social Media: What’s Next

On Offense…• Promoting your brand• Generating leads• Strengthening customer relationships • Building a community around customer

needs• Developing advocates• Telling the insurance story• Listening and learning

Page 7: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

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It Does Not Mean:

• Just setting up a Facebook page• Treating asocial media as just another

corporate mouthpiece• Buttonholing social media in the marketing

department

Page 8: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

It Does Mean:

• Listening, not preaching• Educating, not lecturing• Building a community around your assets • Facilitating conversation• Encouraging “social sharing”• Using the data wisely

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Page 9: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 9

Social Media: What’s Next

On Defense…

• Defending your brand• Knowing how to respond to criticism and

turn it your advantage • Building legal protections• Creating risk management plan

Page 10: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

It Does Not Mean:

• Blocking all employee access• Tuning out the complainers • Waiting for the first compliance violation to

take action

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Page 11: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

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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Page 12: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

TACTICS• Blogging

• Microblogging• Social Network Participation

• Monitoring• Video Marketing

• Blogger Relations • Influencer Engagement

• Community Creation & Engagement• Word-of-Mouth Marketing

• Training

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Page 13: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

Monitoring

• Consistency • Comprehensive• Mandatory eyeballing

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Page 14: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

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How Much Will It Cost?

• May use existing staff to start• Cost vs. value• Protecting the investment in your brand• Recalibrate marketing expenses• Minimize compliance, litigation costs

Page 15: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

• Pressure to demonstrate ROI• Increasing regulatory scrutiny • Litigation challenges• Greater carrier-agent cooperation• Corporate-based communities

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Page 16: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

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• USAA New York Life• Alfa Insurance State Farm• Westfield Insurance Farmers • PEMCO VPI Pet Insurance • Allstate Erie Insurance• American Family Insurance Shelter Insurance • GEICO Florida Association • Progressive of Insurance Agents

Page 17: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 17

Social Media: What’s Next

Page 18: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

• Don’t experiment, construct a roadmap• Every department plays a role• Engage legal counsel • Revise existing guidelines• Train, train, train • Monitor and measure

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Page 19: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 19

SIX CRITICAL TAKEAWAYS

Social Media: What’s Next

Page 20: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

TAKEAWAY #1

Social Media is mainstream communications

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Page 21: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 21

Social Media: What’s Next

TAKEAWAY #2

Avoiding corporate-sanctioned and managed participation is no longer a viable option. Neither is ineffective participation.

Page 22: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 22

Social Media: What’s Next

TAKEAWAY #3

Social Media affects every insurance function and every function needs to play a role.

Page 23: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

TAKEAWAY #4

Hit or miss experimentation is no substitute for a carefully-designed plan.

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Page 24: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

TAKEAWAY #5

Social Media is not to be feared or shunned. It is not a magic bullet, however it is an indispensable one.

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Page 25: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW

Social Media: What’s Next

TAKEAWAY #6

The time is start is now.

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Page 26: Social Media for Insurers - What's Next?

Thomas H. Wetzel & Associates, Inc.

BSWBATTORNEYS AT LAW 26

Where to Start?

• Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry

• Follow our blog at www.thegoodrisk.com• For information on our services, see

wetzelandassociates.com• Email us at [email protected]• Phone: 708-524-4944 Cell: 708-577-8658