Life Insurance Quotes

Social media use increasing with insurance carriers

10/27/11

The use of social media platforms such as Facebook, Twitter, LinkedIn and YouTube is increasing among life insurance carriers, a new Insurance News Net report said.

Carriers are expanding their business and staying relevant by reaching out to customers through social media, according to the source.

“The companies are using social media technologies primarily to help producers with lead generation and community building,” said Todd A. Silverhart, director of technology in marketing and distribution research at LIMRA, according to the source.

Silverhart reported the results of a survey done last year on insurance companies, which showed 25 percent of the carriers surveyed use social media in order to keep their customers and consumers knowledgeable on insurance news, the source said.

LIMRA reported companies are stepping up their social media presence for three main reasons: to stay in the game, obtain a competitive advantage and assist senior management, according to the news source. Companies find compliance to be an issue when dealing with social media, which led the Financial Institution Regulatory Authority to draft up specific compliance advice to serve as a blueprint for companies using social media.

According to Facebook, there are more than 800 million active users, and each has an average of 130 friends. With so many people interconnected and able to communicate by clicking their mouse, consumers can consult with people they know about different insurance options, giving insurance companies an opportunity to bring in new customers.

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