This presentation looks at the state of the state of social business among insurance carriers, offers examples of best practices of social media in insurance and identifies key trends for the future.

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SOCIAL BUSINESS FOR INSURANCE
CARRIERS
Vanessa DiMauro
CEO, Leader Networks
June, 2012
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Vanessa DiMauro is the CEO of Leader Networks, LLC., a
research and strategy consulting company that helps large
organizations succeed in social business and B2B online
community building. She has developed award winning
strategies for many organizations including LexisNexis,
Thomson Reuters, Sermo, Shell, Cognizant. Her work has
been covered by leading publications such as the New York
Times, the Wall Street Journal and CIO magazine.
Vanessa DiMauro sits on numerous advisory boards. She
is an Executive-In-Residence at Babson College's Olin
School of Management, holds both a B.A. and M.A. from
Boston College and blogs at
http://blog.leadernetworks.com.
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Insurance + Social Media …. Everywhere!
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And Let’s Not Forget Linkedin
• Company listings
• Independent agents
• Insurance related groups
• Profiles
• Prospecting
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More than 90% of Insurance, Annuity
Providers Use Social Media.
(Source: “Social Media Leader’s” Report by Corporate Insights, April 13, 2012)
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Current Wisdom Is…
that social media is social media marketing
…..and that social media marketing is the panacea for
insurance carriers.
that every insurance carrier needs a Facebook page or a
Twitter stream in order to reach the consumer.
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Social Media Business is NOT just
about using marketing tools to
broadcast online.
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Is The Best Path to Social Insurance Success?
Source: http://www.cicero-group.com/wp-content/uploads/
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Most Insurance Companies Lack A Planned, Funded Digital Strategy
• Just over 60% of
agency
respondents say
that they do not
have a marketing
plan for either
traditional or
digital marketing
tactics.
• Almost 70%
indicated that they
do not have a
documented social
media plan.
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Getting Back To Basics, Why Insurance Carriers Are
Investing In Social Media…
“To attain interactive conversations between
insurers and customers or prospects to disrupts
the traditional, one way marketing model of the
brand.”
(Source: Summer 2010 issue of Forward Focus, written by Deloitte’s director in the
Insurance Industry Group.)
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Social business is the strategic use of social
media tools and tactics to drive stakeholder
and customer value.
It is often the evolution of social media
marketing activities into a larger, more
integrated strategic platform.
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There Are Many Reasons Why Companies Are
Celebrating Social Business
Improve the Help customers get
way your more value from your
products and products and services
services are Product
delivered Groups
Distribution
Influence the social
Develop new and
media conversations Product improved products
about your company Social Development
and services by
and its products Business
Sales & Strategy capturing customer
Channel insights
Partners
Customer
Service
Marketing
Market and sell more
Deepen buyer loyalty;
effectively by building
Identify future trends;
awareness and desire
increase customer
for your brands
Reduce call center service ROI
activity (call
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The Social Business Ecosystem
Marketing: • Social broadcast and
traffic & connection tools -Twitter,
awareness Facebook, G+ & LinkedIN
• Online community
Thought
• Peer discussions
Leader-
ship Intimacy: • Online events
• Member
• Online Events 24X7 directory
• Newsletters member • User generated
• Articles about products
/services best practices services content shared
in community
• Research based on
leading trends
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Getting Back To Basics, Why Insurance Carriers Are
Investing In Social Media…
“To attain interactive conversations between
insurers and customers or prospects to disrupts
the traditional, one way marketing model of the
brand.”
(Source: Summer 2010 issue of Forward Focus, written by Deloitte’s director in the
Insurance Industry Group.)
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Example: AllState Online Community
Making a Difference – Share
your ideas about making a
difference in your
community
All Things Wheels – Share
your ideas on how to be safe
and smart about what you
drive
Daily Spending – Share your
ideas about managing and
tracking your spending
Personal Finance – Share
your ideas about protecting
and planning for your future
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Example – AMPM Insure
AMPM Insure is a community
of 17,000 members
Committed in helping people
understand Insurance &
shared customer discussions
Not an Insurance company but
a community.
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At every stage
It’s all about connecting
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Which Companies Need Online Customer Communities the Most?
Common Characteristics of the Early Community Builders
Customer
Customers problems Products/services
(which their products or services
addresses)
• Willing to share • Critical, ongoing and ever- • Company’s offerings solve
information with other changing important problems for its
customers customers
• Have purchased a platform • Knowledge for solving • Company must supply
product and need to problems becomes continual product or
communicate with each obsolete quickly service enhancements to
other about how to meet customer needs
capitalize on it • Customers gain major
value by learning from the • Company revenues
• Willing to participate in experiences of other depend on product/
off-line user groups or in- customers service upgrade or
person customer summits expansion decisions by
• Urgent need to share customers
experiences
Copyright © 2012 Leader Networks, LLC
Source: DiMauro, V and Buday, R. Why B2B Companies Need to Build Online Communities for
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Their Customers (2011)

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Six Sample Success Measures
1. Did we increase customer engagement? If so, how?
2. Did we see an increase in positive mentioning of our brand?
3. Were we able to reduce customer service overhead because
of social media efforts?
4. Were we able to reduce PR costs because of social outreach?
5. Did our website engagements and goals increase?
6. Did our overall sales revenue increase?
Forget about measuring fans and likes unless they are tied to specific business goals!
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Measures & metrics: Stakeholder engagement initiatives
should be aligned with business / functional unit and corporate
objectives
Corporate Objectives
– Financial
– Customer
– Process
– Learning & Growth
Business / Functional Unit
Objectives
Engagement Project Initiative
(Business Case / ROI)
Current Target Outcome Delta / ROI
Performance
Metrics
Engagement
Metrics
Business Metrics
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The Future of Social Insurance
New relationship activities
Online community = return to the applecart
– Brand affiliation/loyalty due to new relationship building activities
– Hyper affinity/personalization
• Ability to tap into passion and interests of people
– Reach digital demographics (i.e. Millennial)
New insights = new opportunities
– Underwriters now can risk adjust informed by consumer social profiles
– Customer life events can be surfaced earlier to lead new insurance
offers
The collaborative enterprise experience
– Programs and process to enable the customer to directly influence the
products and services insurance carriers provide
– Social data = product and service research
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Questions
• Did you learn anything interesting?
• Do you agree or disagree with the distinction between social media and
social business?
• What are your biggest concerns or challenges with social at your
organization?
• How do you define social business success for your organization?
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Thank You!
For more information please contact me
Vanessa DiMauro
CEO, Leader Networks
http://www.leadernetworks.com
617-484-0778
vdimauro@leadernetworks.com
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