SOCIAL MEDIA TRENDS

ANNUITY AND LIFE INSURANCE

AUTHORS: ANDREW WAY & JOSE SANTANA
PUBLISHED: OCTOBER 2013

COPYRIGHT 2013 CORPORATE INSIGHT, INC.

TABLE OF CONTENTS Introduction Social Media Trends

o Big Gains in Facebook and Twitter Following o Customer Feedback is Addressed o Insurers Actively Engage Fans o Interactive Resources on Facebook Pages Vary o Access to Social Media Pages From Public Site is Standard Practice o Product Education and Promotion Popular on Insurer Social Media Pages

Four Social Media Tips for Insurers

Corporate Insight Thought Leadership

About Corporate Insight
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INTRODUCTION

BACKGROUND
This presentation is based on social media research from two of our insurance-focused Monitor Services: Annuity Monitor and Life Insurance Monitor. The reports analyze the current social media initiatives and promotions undertaken by leading insurers covered by Corporate Insight. Inside, we highlight key social media findings and trends across the insurance industry and offer tips for insurers looking to bolster their social presence.
INTRODUCTION

ROLE IN THE INSURANCE INDUSTRY

Over the past decade, social media has drastically altered the landscape of communication, both personally and professionally. Banks, credit card issuers and brokerages were the earliest adopters of social media in financial services. However, many annuity issuers and life insurers are now taking advantage of the marketing and branding benefits of having a strong social media presence. As new social media platforms are introduced, it is important that financial services firms stay ahead of the curve while also placing an emphasis on compliance.
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INTRODUCTION

FIRMS COVERED
Below is a list of the firms we track on a daily basis for our Annuity Monitor and Life Insurance Monitor research services:

INTRODUCTION

SOCIAL MEDIA TRENDS

BIG GAINS IN FACEBOOK AND TWITTER FOLLOWING

Facebook
o 42% of firms at least doubled their Facebook fans over the last year. Liberty Mutual saw the largest increase in that time, adding over 800,00 fans.
Facebook Likes Increase: Top Firms Firm 1. Liberty Mutual 2. Transamerica 3. Lincoln Financial 4. Nationwide 5. Gensworth Financial 2012 41,247 14,775 2,525 16,248 32,886 2013 854,583 88,831 9,087 44,498 89,180 % Increase 1,971.9% 501.2% 259.5% 173.9% 171.2%

Twitter
o 29% of firms at least doubled their amount of Twitter followers over the course of the last year. John Hancock saw the largest follower growth in that time.

SOCIAL MEDIA TRENDS

Twitter Follower Increase: Top Firms

Firm 1. John Hancock 2. ING 3. Lincoln Financial 4. New York Life 5. Pacific Life 2012 7,277 553 434 33,788 256 2013 29,590 1,811 1,224 77,950 590 % Increase 306.6% 227.5% 182.0% 130.7% 130.5%
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CUSTOMER FEEDBACK IS ADDRESSED

Over 70% of insurance firms covered within the Social Media reports enable users to post comments directly to the firms Facebook pages.
o The remaining firms limit users to commenting only on posts by the firm.

Every firm responds to user feedback on both Twitter or Facebook; however, the degree of interaction varies.
o Liberty Mutual, MetLife and USAA standout providing appropriate user feedback, both positive and negative, in an efficient and conclusive manner.

SOCIAL MEDIA TRENDS

USAA Facebook Page Feedback

INSURERS ACTIVELY ENGAGE FANS

71% of insurers engage fans on social media, especially Facebook, through polls, quizzes and discussions that solicit feedback.
o All firms post open-ended discussions on Facebook to further the level of user engagement.

Some insurers offer Facebook contests and sweepstakes that are exclusive to followers:
o Transamericas Solheim Cup Sweepstakes o Northwestern Mutuals NCAA Mens College World Series Bracket Contest o Liberty Mutuals Walt Disney World Resort Sweepstakes
Transamerica Facebook Contest Solheim Cup Sweepstakes

SOCIAL MEDIA TRENDS

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INTERACTIVE RESOURCES ON FACEBOOK PAGES VARY

Life insurance needs tools, retirement planning calculators and product-specific games are the most commonly offered resources on Facebook pages.
o Less than 1/3 of all firms provide such resources on their social media pages.

39% offer financial professional locator tools via Facebook.

SOCIAL MEDIA TRENDS

New York Life Facebook Page Planning Tools

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ACCESS TO SOCIAL MEDIA PAGES FROM PUBLIC SITE IS STANDARD PRACTICE

All firms provide access to social media pages from their public websites. Best practices include:
o Homepage quicklinks. o Static footer or header icons. o Public site page or section solely dedicated to the firms social media offerings. o Homepage promotional imagery.

SOCIAL MEDIA TRENDS

Allianz Life Public Site Social Media Page

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PRODUCT EDUCATION AND PROMOTION POPULAR ON INSURER SOCIAL MEDIA PAGES

The vast majority of insurers we research effectively utilize Facebook, Twitter and YouTube to promote products and services:
o 94% offer product-related content on Facebook. o 81% offer product-related content on Twitter. o 45% offer product-focused videos on YouTube.

SOCIAL MEDIA TRENDS

Genworths Product Education YouTube Video

New York Life Tweet Official MetLife Facebook Page

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FOUR SOCIAL MEDIA TIPS FOR INSURERS

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TIP #1: COMMUNICATE IN A MANNER APPROPRIATE TO THE SOCIAL CHANNEL AND INDUSTRY
To achieve a personal connection with the audience, firms must use an appropriate tone.
o Tone should vary from one social network to another. o Tone should also vary from one account to another on the same social network.
Informal, flippant comments may be appropriate for mascot accounts or accounts geared towards younger generation.
FOUR SOCIAL MEDIA TIPS FOR INSURERS

Customer service accounts should be more formal.

Volume of communication is also important.

o Twitter users typically have a higher tolerance level for a larger volume of posts than Facebook users.

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TIP #2: RESPOND TO USERS QUESTIONS & CONCERNS

Customers increasingly looking towards social media for customer assistance.
o Alternative to cumbersome automated systems.

o May inadvertently help other users with similar problems.

FOUR SOCIAL MEDIA TIPS FOR INSURERS

Regulatory concerns are an issue.

o Public forums such as social media not appropriate for addressing specific policy questions.
Provide customers with appropriate information needed to discuss the issue in a more private manner.

Liberty Mutual Twitter Customer Interaction

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TIP #3: BALANCE INFORMATION USERS WANT WITH INFORMATION THE FIRM WANTS TO DELIVER
Biggest factor in success of any social media strategy is the content provided and level of engagement obtained. Consider these ideas to help make social media posts more interesting to a broad range of users:
o Utilize pictures, audio components and videos to deliver message. o Leverage current events and holidays to provide context to posts.
FOUR SOCIAL MEDIA TIPS FOR INSURERS

o Pose questions and polls to get users thinking about topics. o Do not excessively self-promote. o Integrate themed sales campaigns and contests into promotions.

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TIP #4: INCORPORATE SOCIAL MEDIA FEATURES INTO PUBLIC WEBSITE

Incorporate ratings, comments and sharing capabilities into public site pages.
o Enable users to share public site pages across social media platforms.

These tools can empower clients to become advocates of the firm and the content provided.
o Can also help firms understand what content users deem the most helpful by the number of shares pages are obtaining.

FOUR SOCIAL MEDIA TIPS FOR INSURERS

Nationwide Public Site Social Media Sharing Capabilities

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CORPORATE INSIGHT THOUGHT LEADERSHIP

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Next-Generation Investing: Financial Startups and the Future of Financial Advice

CI tracks over 100 startups that covers a wide range of new ideas across financial advice and investing. This study will focus on each idea, analyze compares them to what established financial institutions offer and examine the potential impact on the industry. Download the study preview!

Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry

This slide deck highlights some of the engaging Facebook marketing campaigns initiated by P&C Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers.

2013 Mobile Finance Trends and Innovations

This slide deck includes commentary on mobile developments, key takeaways for financial services firms and thoughts on whats next for mobile finance.

Electronic Delivery: Key Trends Across the Insurance Industry

This slide deck highlight some key findings and trends from the Annuity Monitor, Life Insurance Monitor and P&C Insurance Monitor reports that focused on electronic delivery and offers a few tips for insurers looking to improve their electronic delivery services.

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ABOUT CORPORATE INSIGHT

Corporate Insight provides competitive intelligence and user experience research to the nations leading financial

institutions. For over 20 years, the firm has tracked technological developments in the financial services industry,
identifying best practices in online banking and investing, online insurance, mobile finance, active trading platforms, social media and other emerging areas. There are no assumptions in Corporate Insights work we use live accounts at all of the firms we research, providing our clients with unparalleled, unbiased intelligence on the competition.

Media and PR Inquiries

Corporate Insight welcomes the opportunity to speak with the media. If you are interested in citing our research or would like to schedule an interview with one of our analysts, please contact Intermarket Communications at 212-8886115 or corporateinsight@intermarket.com. To cite CIs research in your firms marketing communications, contact Ben Pousty, Marketing Manager, at bpousty@corporateinsight.com or 212-832-2002 x-134 to coordinate approval.

Connect With Us
ANDREW WAY
Senior Research Associate 212-832-2002 x-136

JOSE SANTANA
Research Associate 212-832-2002 x-144

away@corporateinsight.com

jsantana@corporateinsight.com
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