Tag Archives: marketing

I.I.I. Joint Industry Forum: Panel Discussion on the Future of Insurance Marketing

Pictured left to right: Kathleen Bromage, Brad Auerbach, Avril Castagnetta, Bill Keogh, Scott Steele

By Brent Carris, Research Analyst, Insurance Information Institute

The 2020 Joint Industry Forum began its afternoon sessions with an informative discussion on how businesses can best adapt to the tech driven customer experience. Moderated by Kathleen Bromage, Chief Marketing and Communication Officer at The Hartford, panelists resoundingly agreed that the shift in customer interaction must be a company-wide initiative, not just the job of the Chief Marketing Officer (CMO).

Bromage started the conversation by addressing how focus is shifting more to the services that surround the product, adding how the role of the CMO is facing fundamental change. Panelist, Scott Steele, CMO of Church Mutual noted there is an, “overwhelming amount of information in the technology explosion, ” and CMO’s can make stronger more unified opportunities for marketing to grow.

“Start with consumer expectations and how they are changing,” said Bill Keogh, Insurtech and Fintech Advisory at Ingenium. Every role needs to understand insurance marketing, Keogh added, from the senior level to hiring the right team. Furthering this sentiment, Avril Castagnetta, Americas Insurance Marketing Transformation Leader at EY, addressed the importance of agents and brokers being better at social selling and “someone who engenders trust online”, adding that some customers are even obtaining life insurance policies through WhatsApp.

Personalization and a “0 friction future” are important for the industry to think about, per Brad Auerbach, Head of Industry, Insurance at Facebook. “Look at solutions that are already out there and how you can personalize it for your company,” said Steele. “The more you know about the consumer the more you can bring them the most relevant services, product or communication” added Auerbach, noting the importance of a focus on loyalty and retention.

Wrapping up the conversation, panelists stressed the importance of the CEO pushing and empowering teams to test and learn. “Products are changing and you want marketing to be the front of that,” concluded Keogh.

Social Media Usage Slows Among Fortune 500

Insurance companies in the Fortune 500 only slightly increased their use of Twitter in 2011, according to an annual study from the Center for Marketing Research at the University of Massachusetts Dartmouth.

The number of insurance companies in the F500 with active Twitter accounts moved to 21 in 2011 from 20 in 2010, the study found.

Insurance companies continue to rank first among industry sectors with a Facebook account, though the number with corporate Facebook pages dropped to 27 in 2011 from 28 in 2010.

Meanwhile, the number of insurers in the F500 blogging rose to 4 in 2011, up from 3 in 2010.

Overall, the study revealed that 23 percent (114) of the 2011 F500 have corporate public-facing blogs, the same level as in 2010, while 62 percent use Twitter, compared to 60 percent in 2010, and some 58 percent are now on Facebook, an increase of just 2 percent on 2010.

The study notes that the adoption of blogs, Twitter and Facebook in the 2011 F500 appears to have leveled off with no significant change in the past year:

These results may signal a leveling off and possibly retrenchment when it comes to the adoption of social media among the 2011 F500. There is also evidence of change in the adoption of these tools by industry and a clear sign from some companies that these are not part of their communications strategy.

Given that the F500 are the titans of American business, we may be seeing the slowdown in business adoption of social media. At the very least, this group appears to have slowed or stopped its adoption of the three most prominent tools – Blogging, Facebook and Twitter.”

Fortune 500 And Insurers Increase Use Of Twitter

Insurance companies in the Fortune 500 have increased their use of Twitter dramatically, according to an annual study from the Center for Marketing Research at the University of Massachusetts Dartmouth.

Insurance companies are also most likely to be on Facebook, it found.

The study revealed that the number of insurance companies in the F500 with active Twitter accounts increased to 20 in 2010, up from 13 in 2009.

Overall, some 60 percent of F500 companies now have an active Twitter account, compared with 35 percent in 2009.

Size appears to influence the decision to adopt Twitter. Half of the Twitter accounts belong to the companies in the Fortune 200, while 33 percent come from those ranked in the bottom 200.

Interestingly, the F500 demonstrate a real willingness to interact on Twitter. Some 35 percent of companies consistently responded with @replies or retweets within 72 hours, many more often.

The study also found that just over half (56 percent) of the F500 are now on Facebook. Insurance companies rank first among industry sectors with 28 having a Facebook presence.

However, the use of blogs in the F500 appears to be leveling off, as 23 percent of F500 companies have a public-facing corporate blog with a post in the past 12 months – an increase of just 1 percent on 2009.

Indeed, the number of insurers in the F500 blogging dropped to three in 2010, compared to 5 in 2009.

The study concludes:

This clearly demonstrates the growing importance of social media in the business world. These large and leading companies drive the American economy and to a large extent the world economy. Their willingness to interact more transparently via these new technologies with their stakeholders is clear.†

For its part, the I.I.I. now has seven Twitter feeds (@iiiorg @Bob_Hartwig @JeanneSalvatore @LWorters @III_Research @IIIindustryblog @InsuringFLA) with a collective following of over 3,000 users and a Facebook page with over 300 “likes†.