the social media equation: agency and insurer
DESCRIPTION
Effective social media participation in the insurance indistryTRANSCRIPT
![Page 1: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/1.jpg)
Thomas H. Wetzel & Associates, Inc. 1
THE SOCIAL MEDIA EQUATION:AGENCY AND INSURER
April 21, 2011
![Page 2: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/2.jpg)
Thomas H. Wetzel & Associates, Inc. 2
![Page 3: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/3.jpg)
Thomas H. Wetzel & Associates, Inc.
SOCIAL MEDIA IS:
Productive
Cost-Efficient
Risk-Averse
3
![Page 4: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/4.jpg)
Thomas H. Wetzel & Associates, Inc.
Provided
THAT IT IS DONE RIGHT!
4
![Page 5: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/5.jpg)
Thomas H. Wetzel & Associates, Inc. 5
![Page 6: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/6.jpg)
Thomas H. Wetzel & Associates, Inc.
Playing Offense AND
Defense --At the Same Time
6
![Page 7: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/7.jpg)
Thomas H. Wetzel & Associates, Inc. 7
![Page 8: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/8.jpg)
Thomas H. Wetzel & Associates, Inc.
On Offense… Promote your brand Generate leads Strengthen customer relationships Build a community around customer
needs Develop advocates Tell the insurance story Listen, learn and engage
8
![Page 9: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/9.jpg)
Thomas H. Wetzel & Associates, Inc.
It Does Not Mean:
Just setting up a Facebook page Treating social media as just another
corporate mouthpiece Buttonholing social media in the
marketing department
9
![Page 10: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/10.jpg)
Thomas H. Wetzel & Associates, Inc.
It Does Mean:
Listening, not preaching Educating, not lecturing Building a community around your assets Facilitating conversation Encouraging “social sharing” Using data effectively
10
![Page 11: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/11.jpg)
Thomas H. Wetzel & Associates, Inc.
On Defense…
Defend your brand Know how to respond to criticism and
turn it your advantage Build legal protections Create risk management plan
11
![Page 12: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/12.jpg)
Thomas H. Wetzel & Associates, Inc.
It Does Not Mean:
Blocking all employee access Tuning out the complainers Waiting for the first compliance violation
to take action Putting it on the backburner when
business improves
12
![Page 13: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/13.jpg)
Thomas H. Wetzel & Associates, Inc.
It Does Mean:
Creating a strategy and plan for formal participation
Educating and guiding employees and producers
Establishing usage guidelines and enforcing them
Managing your social media profile
13
![Page 14: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/14.jpg)
Thomas H. Wetzel & Associates, Inc. 14
![Page 15: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/15.jpg)
Thomas H. Wetzel & Associates, Inc.
Using Data Effectively
15
![Page 16: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/16.jpg)
Thomas H. Wetzel & Associates, Inc.
Some insurance departments are now monitoring social media activity and more will start soon
Regulators concerned about absence of research protocols
All insurance functions affected Transparency a must
16
![Page 17: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/17.jpg)
Thomas H. Wetzel & Associates, Inc.
Regulatory Concerns
Advertising Testimonials and Endorsements Consumer Privacy Record Retention Agent Monitoring (or lack of it)
17
![Page 18: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/18.jpg)
Thomas H. Wetzel & Associates, Inc.
Legal Issues
18
![Page 19: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/19.jpg)
Thomas H. Wetzel & Associates, Inc.
Case law is evolving Many areas of law affected: employment,
contracts, intellectual property, privacy, data security
# 1 concern – online terms and conditions
Four must-haves: policy, guidelines, monitoring, training
19
![Page 20: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/20.jpg)
Thomas H. Wetzel & Associates, Inc.
TACTICS• Microblogging
Social Network Participation Monitoring
Video Marketing Blogger Relations
Influencer Engagement Community Creation & Engagement
Word-of-Mouth Marketing Training Blogging
20
![Page 21: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/21.jpg)
Thomas H. Wetzel & Associates, Inc.
Monitoring Mandatory Should be done daily More than checking your own sites Use two or more services Use variety of metrics Know what your competitors and
producers are doing
21
![Page 22: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/22.jpg)
Thomas H. Wetzel & Associates, Inc. 22
![Page 23: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/23.jpg)
Thomas H. Wetzel & Associates, Inc.
Share of Voice – Media Types Top AuthorsShare of Voice – Sources Brand
ReferencesDaily Volume Content ToneVolume By Date Content EmotionKey Themes Demographics
(Age, Share of Voice - Products Gender,
Location)Top Domains
23
![Page 24: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/24.jpg)
Thomas H. Wetzel & Associates, Inc.
Agency – Carrier Cooperation
24
![Page 25: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/25.jpg)
Thomas H. Wetzel & Associates, Inc. 25
![Page 26: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/26.jpg)
Thomas H. Wetzel & Associates, Inc.
How Much Will It Cost?
May use existing staff to start Cost vs. value How much is protecting your brand
worth? Recalibrate marketing expenses Minimize compliance, litigation costs
26
![Page 27: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/27.jpg)
Thomas H. Wetzel & Associates, Inc.
What’s New in 2011 Pressure to demonstrate ROI Increasing regulatory scrutiny Litigation challenges Greater carrier-agent cooperation Corporate-based communities (Facebook is
not all there is) Mobile marketing growth
27
![Page 28: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/28.jpg)
Thomas H. Wetzel & Associates, Inc.
THE SOCIAL MEDIA STARS USAA New York LifeState Farm ThriventWestfield Insurance Farmers Foremost Alfa InsurancePEMCO VPI Pet Insurance Allstate Erie InsuranceAmerican Family Insurance Shelter Insurance GEICO Florida Association Progressive of Insurance Agents
28
![Page 29: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/29.jpg)
Thomas H. Wetzel & Associates, Inc.
BEST PRACTICES Strategy first, tactics second Don’t experiment, construct a roadmap Every department plays a role Engage legal counsel early Revise existing guidelines Train, train, train Monitor and measure
29
![Page 30: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/30.jpg)
Thomas H. Wetzel & Associates, Inc.
FIVE CRITICAL TAKEAWAYS
30
![Page 31: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/31.jpg)
Thomas H. Wetzel & Associates, Inc.
TAKEAWAY #1
Social Media is mainstream communications
31
![Page 32: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/32.jpg)
Thomas H. Wetzel & Associates, Inc.
TAKEAWAY #2
Avoiding corporate-sanctioned and managed participation is no longer a viable option. Neither is ineffective participation.
32
![Page 33: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/33.jpg)
Thomas H. Wetzel & Associates, Inc.
TAKEAWAY #3
Social Media affects every insurance function and every function needs to play a role.
33
![Page 34: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/34.jpg)
Thomas H. Wetzel & Associates, Inc.
TAKEAWAY #4
Hit or miss experimentation is no substitute for a carefully-designed plan.
34
![Page 35: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/35.jpg)
Thomas H. Wetzel & Associates, Inc.
TAKEAWAY #5
The time to start was yesterday, but immediately will do.
35
![Page 36: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/36.jpg)
Thomas H. Wetzel & Associates, Inc. 36
![Page 37: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/37.jpg)
Thomas H. Wetzel & Associates, Inc. 37
![Page 38: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/38.jpg)
Thomas H. Wetzel & Associates, Inc.
Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry
Follow our blog at www.thegoodrisk.com For information on our services, see
wetzelandassociates.comSocial Media Management Program
Short-term ConsultsInsurer Profiles
Employee, Producer Training
Email us at [email protected] Phone: 708-524-4944 Cell: 708-577-8658
38
![Page 39: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/39.jpg)
Thomas H. Wetzel & Associates, Inc. 39
![Page 40: The Social Media Equation: Agency and Insurer](https://reader035.vdocuments.us/reader035/viewer/2022062614/547a0c5ab4af9fea158b4a03/html5/thumbnails/40.jpg)
Thomas H. Wetzel & Associates, Inc. 40