Why Social Media is Still a Gold Mine For Insurance Companies

THE FUTURE OF INSURANCE MARKETING WHY SOCIAL MEDIA IS STILLA s %24 GOLD MINE FOR INSURANCE COMPANIES What if we told you that the dollar value of the opportunities for insurance companies to drive results through social media was over $1 million a week? What if we told you that in a month alone it's over $15 million? Our hope is that you would want to learn more...So here it is: IN ONE MONTH ... 12 Billion 3.7 Million 23,401 Tweets about Insurance Social Leads (Tweets with intent) Overall Tweets on Twitter ONLY 1% OF THE SOCIAL LEADS RECEIVED A BRAND RESPONSE. 11,666 $1,589 of the social leads were talking specifically about car insurance. is the average cost for car insurance in North America. THAT'S $18.5 MILLION WORTH OF CAR INSURANCE SALES OPPORTUNITIES! THE CURRENT MARKETING LANDSCAPE FOR INSURANCE When it comes to marketing, the Insurance industry has always been a leader in telling their story. For decades, it's been Insurance companies who are consistently found in the top 10 spenders for TV advertising. With the emergence of social media, the internet and digital content, Insurance Marketers are embracing the fact that times are changing and that their industry is changing as well. TOP 10 BRAND ADVERTISERS ON TV ($US Millions) In 2011 $1,100 $702.2 $414.8 $335.7 $326.3 $315.6 llm $283.2 $278.1 $265.9 $239.5 AT&T Wireless Verizon Wireless GEICO State Farm DIRECTV Wal-Mart Comcast Home Depot Dish Network Allstate Xfinity The majority of insurers are now using social media in some way, although more than a third don't have an established social media strategy, according to a report released by research and consulting firm Celent. Of the companies not currently using social media tools, 45% said they plan to in the next year, according to results from the survey, which was conducted in partnership with the insurance practice groups of the law firm Locke Lord, LLP. A SNAPSHOT OF THE SOCIAL MEDIA LANDSCAPE Survey Responses:"How can Insurers Benefit From the Use of Social Media?" Marketing Customer Service New Sales Leads Catastrophe Response Fraud Detection Underwriting (risk selection) Pricing 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% "Social Media Use in North American Insurers: A SnapShot" by Michael Fitzgerald, Senior Analyst, Celent PRO TIP: LeadSift.com sifts through millions of social media conversations to identify opportunities for customer service, new sales opportunities, catastrophe response and marketing. We identified 3.7 million tweets that were specifically about Insurance to identify social media leads. In one month, we uncovered 23,401 brand relevant social leads that could be used by insurance companies to drive meaningful results. State Farm 36% PROGRESSIVE 11,466 GE 21% 21% leads in the brand awareness stage ONationwide Allstate. 6% Brand Awareness: At this stage, users are referencing advertisements or other communications efforts as they relate to an existing brand. Conversations at this stage are very high level and brand oriented. AVIVA MetLife 3% 4% 2% Affac Sun Life Financial 1% 1% State Farm 37% 3,276 PROGRESSIVE 21% GEIC leads in the identification of a need stage 18% Allstate. MetLife AVIVA Need Identification: At this stage, users are clearly indicating that there is a need. For example, a user is indicating that they are buying a new home and will need home insurance. 5% Sun Life Financial 5% 5% Nationwide 3% 2% PROGRESSIVE 28% 468 GEICO State Farm leads in the consideration & purchase stage 18% 18% Allstate MetLife 9% ONationwide 7% AVIVA 7% Consideration & Purchase: This is the final stage before the actual purchase takes place. At this stage in the process, a user is indicating clear intent to buy from a brand or they are comparing their options. 6% Af'ac 1% PROGRESSIVE 32% GEICO State Farm 7,722 21% 16% leads in the Nationwide post purchase experience stage 13% Allstate. 6% AVIVA Post Purchase: Upon purchasing a product 4% MetLife users tend to use twitter to communicate about Sun Life Financial 3% Af ac their experience as a customer positively and negatively. It's important for brands to monitor these conversations as they can indicate churn. 1% 1% (February 2014) Every day there are millions of conversations happening on social media. Thousands of those conversations are specifically related to the insurance industry and the brands within it. The insurers who recognize the opportunity will leverage social and engage in relevant dialogue using relevant content. As a result, they will be able to capitalize on one of the biggest opportunities since television. "FEW RECOGNIZE HOW MUCH HARDER CONTENT WILL WORK FOR YOU WHEN IT'S RELEVANT." -Lisa Cochrane, SVP of Marketing at Allstate Insurance Co. LeadSift LeadSift cuts through the noise of social media to find relevant, timely and actionable opportunites for targeted engagement with customers and prospects in social channels. Visit leadSift.com for more information. Resources: LeadSift Opportunity index: www.leadsift.com/MOI , Celent, “Social Media Use In North America Insurers: A Snapshot" ,Michael Fitzgerald, Senior Analys Celent , Nielson - Top 10 Brand Advertisors on TV , Locke Lorde, LLOP