29 May 2017

Insurance In A Social Media World

Social media has changed the way we do everything, from keeping in touch with friends and family to watching television or educating ourselves about what is going on in the world. Crucially, it also affects the way we make decisions. Some of those decisions are minor (admit it, you know at least one person who has asked their Twitter followers what they should eat for dinner) and some of them are pretty significant.

With trust in traditional institutions declining globally, more people than ever rely on their personal network for recommendations about what products to buy and which brands to trust. Since social media is the most effective access point to that network at any given time, it makes sense that social is influencing consumer behavior.

The insurance industry is not immune to these trends and that means social media will most certainly be a key factor in shaping tomorrow’s insurance business models.

Making The Social Connection

Whether you What’s App, Face Time, tweet or *gasp!* meet face to face, the fundamental fact is that insurance sales is still all about connecting with other people. The platforms may change but the core objective remains the same.

With that said, the platforms are important and they provide financial advisors today with a variety of tools to achieve several key goals:

  • Establish your expertise – whether you’re reacting to a news story that impacts the industry or sharing advice or information that highlights why the products and services you offer are relevant, social media platforms give you the chance to show that you are a credible expert
  • Keep up with your clients – part of the service you provide as a financial advisor is making sure that the coverage you offer evolves in tandem with your client’s needs. Connecting with them on social media is a great way to keep up with the major events in their lives – birthdays, babies, bad hair days…
  • Generate referrals – referrals are the heartbeat of any financial advisor’s business and social media is ideal place to generate them. When your existing (and satisfied) clients engage with you on social media, they also open the door to their personal and professional networks
  • Find new clients - #insurance may not always been at the top of the trending list but people are talking about it on social media. Health and life insurance are dominating social media conversations about the industry with 87.8 percent of industry mentions happening on Twitter. If you make yourself a credible voice in that conversation, it’s likely to result in new sales leads

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