The global insurance industry manages assets in excess of $4.55 trillion, and the total number of social media users in the world is poised to top 2 billion. It doesn’t take a genius to recognize that these two sectors should have a lot to offer one another. If the insurance industry could utilize the powerful appeal and broad reach of social networks like Facebook, Instagram and Google+, it could reshape the financial landscape.
Social Media Marketing Consultants Require a Deft Touch
The biggest obstacle for insurance organizations in utilizing social networks is the regulatory frameworks in the jurisdictions where they operate. Not only are there strict guidelines which dictate how insurers can promote their products and services on social networks, but there is also the potential risk of legal repercussions in the form of litigation if misinformation is disseminated on these apps.
It is therefore, exceedingly important to hire a social media marketing firmthat is experienced in the legal issues of social media marketing optimization for insurers. For example, marketers should recognize the distinction between static web pages—which the regulators consider advertising—and interactive sections. When securing space on a static page, insurers must provide legal disclosures as mandated by state regulatory bodies.
Insurers are restricted from making “improper inducement” claims on ads which are stipulated by state boards, but can prove a thorny issue when dialoguing with users on Twitter or Snapchat. This has inhibited many insurance professionals from fully embracing the services of a social media marketing agency.
Social Media is Worth the Costs
Social networks are immensely powerful services with millions of active users that use them daily, but they remain undefined as legal entities in many ways. While general users can typically differentiate between a “like” and an advertising testimonial, many legal authorities have remained unclear on the differences. This can pose a challenge to insurers who are barred from promoting themselves with testimonials in many states.
Yes, there are some pitfalls for insurers. But there are some gigantic rewards as well. You can find an entire new market of potential clients online with the help of a social media marketing firm. You can also help elevate your agency above your competitors by promoting your expertise and knowledge leadership. And, perhaps most importantly, you can use social media to connect with existing clients and strengthen relationships.
How to Benefit from Social Media
A strong presence on major social networks can benefit your organization greatly. One of the key ways to promote yourself on social media is to educate the public. The vast majority of people are confused by key insurance concepts and policies. By creating easy-to-use content that explains terminology, services and likely scenarios, you can build your reputation as a client-oriented, thought leader.
Another key way to build your online presence is to offer customer service through social media channels. Your organization may be able to offer advice and insights to clients in emergencies, but it may take some effort to create a social media service that is also compliant with state laws. Training staff to properly use social media channels may require a period of implementation. If necessary, obtain advice from an experienced social media marketing expert like those at Web Marketing Kings.