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I gave this presentation at the IMCA conference. The goal was to highlight that social media for insurers is not as easy as we once thought - it needs a lot of stratgic thinking. IMCA is a professional industry association whose collective membership represents the insurance and financial services industries throughout the U.S., Canada, Mexico and Bermuda. The organization represents over 120 companies, including the top five property casualty writers in the country.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Terry GolesworthyThe Customer Respect Group
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Playtime’s Over: Social Media in the Insurance Industry and How It Needs to Change
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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It’s Not IF we use Social Media
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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71% of consumers report being more selective about "liking" a company on Facebook than they were last year.
Every month 15% of insurers lose Facebook fans
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
81% of consumers have either "unliked" or removed a company’s posts from their Facebook News Feed.
43% saying their wall was becoming too crowded with marketing posts 24% saying posts were too promotional.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Relevant InterestingShareable
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Fan Fest
Size Counts
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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WHY WOULD ANYONE BE
FRIENDS WITH AN INSURANCE
CARRIER?
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
“We are all scared to death about social media within our industry. We want to start with it. But we’re all just looking at each other, and nothing material is happening.” Insurance CEO
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
So why bother?
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Expectations
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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CommunicationsREVOLUTION
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
“We’re not yet comfortable that social media has matured to the point we’ll benefit more than we’ll suffer,”
Defense
We’re especially disappointed that this individual case eroded the trust we’ve built with our customers over the past 75 years.
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Defense
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Gain Experience
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Who do you want to reach?What would interest them?
How do they want to consume information?
How do we reach them?
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
To purchase insurance, consumers use an average of 11.2 sources of information over 3 months – Google Zero Moment of Truth
Consumers trust peers far more than brand marketing – Neilsen
People like to share#1 way to share information is “a link”Social media is the plumbing – its how people are connected and share
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Why is social communications different?
Ongoing dialogueProvide interesting, relevant content
Find connectors, messengersEncourage sharing culture
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.Normalized Weighted Interactions
Auto-Owners InsuranceWoodmen of the WorldCalifornia CasualtyNew Jersey Manufacturers Northwestern MutualShelterModern Woodmen of AmericaSafecoAllstate MotorcycleState AutoHorace MannPrimericaCentral Insurance CompaniesBrighter Life (Sun Life)MetLifeAmerican Collectors InsuranceGreat American Insurance GroupUSAAInGear for Truckers - AcuityNationwide Insurance 34
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Communities and Common Bonds
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
• Strengthen the bond with policyholders, potential policyholders, and agents• Reinforce with agents that ACUITY is the go-to carrier for that market • Premiums up nearly 22% with uptick in retention rate
“Of course, there are many reasons which are contributing to this growth, but a successful social media strategy is certainly among the mix.”Paul Miller, VP Marketing, Acuity
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Joel McKinnon – Farmers Agent
On Facebook, Pinterest, Twitter, Google Plus, LinkedInLoves youth and high school sports, support local communityHas 3 kids and lives in townLoves NASCAR and Monday Night FootballBig supporter of local businessesIs passionate about his business and customers
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Joel McKinnon – Farmers Agent
Facebook FansJoel – 2,145Farmers – 2.3 million
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5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
NI
=
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Listening is the best part
Social Media is a stream of Life Events
New home purchaseNew carPregnancy and BirthsGraduationsJob changesNew teen driversHome ProjectsInterestsTravelLead generation – lead nurturing
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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“It’s about differentiation. With multiple agencies within a few miles of my office, I need to be different – not just from the other capable agencies but from the growing number of direct insurers.”
Chris Paradiso, Paradiso Insurance
“I don’t need to sell insurance on social media, they know I do – I need show that I am someone they can turn to and trust”
Joel McKinnon, Farmers
“I look at it more as a way to maintain relationships with my existing clients and prospects in a way that they’re comfortable with,” he says. “I’ve never looked at it as a way for me to get more sales, even though it really ends up resulting in that.”John Groth, Northwestern Mutual
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
What is your Role?
Training and GuidanceFind their voiceFind an approach consistent in their strategic objectives. The balance of being social (community-oriented, fun) with being a trusted authority.
TechnologyWhat platforms, how do you set them up, who’s there, how to run local ads The role of video, local images
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
ShelterTravelers InsFarm Bureau FinAuto-OwnersModern Woodmen California CasualtyNationwide Erie InsuranceAmerican FamilyThrivent FinancialGrinnell Mutual Alfa InsuranceMercury InsuranceSafecoHorace MannThe Foremost GuyEncompassState AutoAFLAC
ContentSafety/loss controlClaimsHoliday ImagesHints and TipsFunctionalityStories, ongoing information, lead gen, lead nurturing
PromotionsReasons to reach outSweepstakesContestsWorks for both parties
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Social Amplification
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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It’s not a question of IF you use social media
Social media IS the communications revolution and evolution
The Customer is now the publisher
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Build a defense – cannot be an internal silo
Set expectations – constant change is inevitable
Build Corporate Presence – fan size, audience, tone
Develop Agent and Social Amplification Strategy – recruitment, commitment
Micro Market Strategy – relevant, interesting
Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
Terry Golesworthyterry@customerrespect.comwww.customerrespect.comwww.customerrespect.com/blogTwitter: @terrycrgLinkedIn/in/TerryGo
978 412 0019
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Improving the Online Customer Experience
© 2008 The Customer Respect Group Inc.
So where are we?
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