webinar: buying and selling commerical insurance goes social
TRANSCRIPT
Live Webcast: Buying and Selling Commercial Insurance Goes Social
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Today’s Speakers
Ira Amilhussin Sr. Marketing Manager
Emily Friedman Research Consultant
John H Bell VP Enterprise Digital Marketing
Travelers
Chris Keneally Enterprise Account Executive
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Methodology
Producers Independent or Captive Brokers/Agents selling at least one line of commercial insurance or employee benefits
Survey Online survey fielded via LinkedIn platform from December 11 – 23, 2014
Sample 477 commercial insurance clients and 297 commercial insurance producers (all on LinkedIn, based in the U.S.)
Clients Decision-makers or influencers for commercial insurance or employee benefits at their organization
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Key Findings
Intermediaries play a central role in the commercial insurance ecosystem
• Nine in 10 clients use an agent/broker for their commercial purchases
• 43% receive at least weekly communication from their agent/broker
Clients increasingly rely on digital & social sources to discover and validate info
• More than 3 in 4 rely on professional networks; about half plan to increase reliance
• Clients are primarily looking for industry perspectives and potential agents/brokers
Agents/brokers also rely on digital & social sources to build their business
• Nine in 10 rely on professional networks; three-fifths plan to increase reliance
• Agents/brokers are mainly prospecting for clients and differentiating their brand
Commercial insurance professionals drive tangible results through LinkedIn
• 43 percent of agents/brokers on LinkedIn have found a new client through the platform
• 23 percent of clients on LinkedIn have been influenced to work with an agent/broker
Commercial insurance clients and their agents/brokers are responsible for a variety of risks and coverage lines
% of clients responsible for each line (Top 10)
Commercial Insurance decision-makers & influencers (clients) are responsible for a wide range of organizational liabilities
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Employee Benefits 61%
Workers Compensation 53%
Commercial Property 46%
Commercial Casualty 43%
Errors & Omissions Liability 39%
Professional Liability 39%
Directors & Officers Liability 34%
Commercial Auto 40%
Cyber Liability 26%
Marine/Inland Marine 20%
Base: U.S. Commercial Insurance decision-makers and influencers at small, medium, and enterprise companies on LinkedIn
Commercial Insurance decision-makers & influencers (clients) are responsible for a wide range of organizational liabilities
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1 to 3 lines 47%
4 to 6 lines 19%
7 to 9 lines 16%
10+ lines 18%
Median 4 lines
Base: U.S. Commercial Insurance decision-makers and influencers at small, medium, and enterprise companies on LinkedIn
Employee Benefits 61%
Employee Benefits
61%
68%
67%
65%
65%
53%
64%
61%
59%
58%
56%
54%
16%
26%
11%
9%
25%
1%
1%
0%
3%
1%
0% 8
Commercial Insurance agents/brokers offer numerous lines of coverage for their clients, with certain lines often core to their business
% who sell each line % who consider line their primary business
Top commercial line sold by brokers and agents
Lines (median)
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Commercial property
Commercial casualty
Workers compensation
Commercial auto
Employee benefits
Excess liability
Professional liability
Errors and Omissions liability
Directors and Officers liability
Cyber liability
Marine/Inland marine
High %
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Most commercial insurance clients work with an agent/broker for their purchases and communicate with them regularly
Base: U.S. Commercial Insurance decision-makers and influencers at small, medium, and enterprise companies on LinkedIn who work with a broker/agent on at least some purchases
clients on LinkedIn use an agent/broker for at least some purchases (NET) 9 in 10
Most commercial insurance clients work with an agent/broker for their purchases and communicate with them regularly
Base: U.S. Commercial Insurance decision-makers and influencers at small, medium, and enterprise companies on LinkedIn who work with a broker/agent on at least some purchases
of clients who use an agent/broker hear from
them at least weekly
43%
are satisfied with that level of communication 93%
% who hear weekly by company size
Enterprise 54%
Medium 44%
Small 29%
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Even with intermediaries to consult, clients increasingly turn to digital sources for their own research
More than three in four commercial insurance clients rely on professional networks for information relevant to their roles
12 Base: U.S. Commercial Insurance decision-makers and influencers at small, medium, and enterprise companies on LinkedIn
82%
77%
76%
49%
42%
Insurance Carrier Domains
Professional Networks
Online Insurance Trade Publications
Online Insurance Consulting Resources
Social Networks
Rely on each source (to any extent)
Plan to increase reliance on each source (among those who currently use)
30%
42%
27%
28%
38%
Extent that clients have relied on digital for discovery, consideration, and/or validation pertaining to commercial insurance
Agents/brokers are also turning to digital sources to inform their roles, and most expect to increase their reliance on professional networks
13 Base: U.S. Commercial Insurance producers (Captive and independent brokers and agents) on LinkedIn
Rely on each source (to any extent)
Plan to increase reliance on each source (among those who currently use)
91%
88%
86%
54%
53%
Insurance Carrier Domains
Professional Networks
Online Insurance Trade Publications
Online Insurance Consulting Resources
Social Networks
32%
59%
32%
31%
48%
Extent that agents/brokers have relied on digital for discovery, consideration, and/or validation pertaining to commercial insurance
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Clients and agents/brokers leverage LinkedIn for specific purposes, driving tangible business results
61%
56%
47%
45%
38%
37%
37%
35%
34%
34%
34%
30%
21%
57%
54%
45%
42%
36%
34%
34%
32%
32%
32%
31%
28%
18%
Seek commentary or perspectives on industry topics
Check credentials of a prospective broker/agent
Identify prospective brokers/agents to work with
Stay up-to-date with company risks
Learn about emerging liabilities
Stay up-to-date on core coverage issues
Seek relevant content from agencies/brokers
Stay up-to-date with insurance market conditions/rates
Communicate with prospective broker/agent
Seek advice/perspectives on risk strategies
Seek information about an insurance carrier(s)
Communicate with current broker/agent
Research insurance policies or products
Clients who turn to social media – and LinkedIn in particular – are seeking perspectives on industry topics and vetting agents/brokers Purposes for using a social and/or professional network (among all clients)
Net: use at least 1 social network Use LinkedIn for this purpose
15 Base: U.S. Commercial Insurance decision-makers and influencers at small, medium, and enterprise companies on LinkedIn
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“LinkedIn is…instrumental in my ability to leverage my network to find the best
carriers and brokers for my needs.”
- Commercial Insurance Client on LinkedIn
One-quarter of clients on LinkedIn have learned something from the platform that has influenced a decision to work with an agent/broker
17 Base: U.S. Commercial Insurance decision-makers and influencers at small, medium, and enterprise companies on LinkedIn
Clients at small companies are especially likely to have learned something on LinkedIn that has influenced their decision to work with an agent/broker.
All Clients Small Medium Enterprise
Allowed me to learn more about an agent/broker 48% 50% 51% 44%
Influenced a decision to work with a particular agent/broker 23% 34% 19% 19%
Influenced a decision to work with a particular carrier 15% 13% 14% 18%
89%
78%
62%
59%
55%
55%
55%
52%
51%
46%
39%
39%
29%
89%
77%
61%
57%
52%
52%
52%
48%
48%
44%
37%
38%
28%
Among agents/brokers on LinkedIn, more than half use the platform to identify prospects, while nearly as many share content & perspectives Purposes for using a social and/or professional network (among all agents/brokers)
List my credentials and/or areas of expertise
Stay up-to-date on companies or executives
Due diligence on potential clients
Identify prospects
Stay up-to-date on risks relevant to clients or prospects
Facilitate “warm leads”
Communicate with prospective clients
Share content that is relevant to clients/prospects
Post commentary or perspectives on industry topics
Share advice/perspective on risk strategies
Stay up-to-date with insurance market conditions/rates
Seek information about an insurance carrier(s)
Stay up-to-date on insurance policies or products
18 Base: U.S. Commercial Insurance producers (Captive and independent brokers and agents) on LinkedIn
Net: use at least 1 social network Use LinkedIn for this purpose
Agents/brokers who use LinkedIn have generated new business through their use of the platform
19 Base: U.S. Commercial Insurance producers (Captive and independent brokers and agents) on LinkedIn
Among brokers/agents who have used LinkedIn to identify prospects: (Top 5)
Identified key influencers and decision-makers
52%
Generated an opportunity
43%
Asked for an intro/referral
42%
Found a new potential client
43%
Secured a meeting
31%
“I've found the most success using LinkedIn to research prospects. I've had prospects review my profile, which highlights education, prior experience and writing, all of which enable me to
distinguish myself from other brokers.”
- Independent broker
“LinkedIn has afforded chance for warm introductions. Specifically, I had a prospect that would have been a cold call, however, I discovered they
were linked to 2 of my connections.”
- Independent broker
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Today’s Speakers
Ira Amilhussin Sr. Marketing Manager
Emily Friedman Research Consultant
John H Bell VP Enterprise Digital Marketing
Travelers
Chris Keneally Enterprise Account Executive
Best Practices
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Build out your profile Clients use LinkedIn to check the credentials of potential agents/brokers, so boost visibility with embedded keywords, up-to-date credentials, and areas of expertise.
Grow your network Facilitate “warm leads” by connecting with a broad range of contacts on LinkedIn – from potential and existing clients to colleagues and peers.
Engage your clients with the content they seek At least weekly, share content on LinkedIn that provides value – ie. company news, articles, industry trends. Sponsor the content to extend your reach beyond your Followers.
Establish yourself as an influencer Demonstrate your expertise by publishing long-form content to deep dive on topics that matter to you and your business – such as industry commentary, company risks, and emerging liabilities.
Questions?
4/8 – Webcast: Moving to an Always-On Finance Marketing Strategy
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