Social Media Use in North American Insurers

A Snapshot
by Michael Fitzgerald, April 30, 2013
Industry Trends
North America

Abstract

Social media began to impact insurers in 2009 as pioneering companies used the networks to promote and protect their brands. Over the next several years, various surveys charted its growing use and sophistication.  As 2013 begins, social media in insurance has established a firm foothold in North America. However, strategies, goals and execution vary from company to company.

With this in mind, Celent and Locke Lord, LLP conducted a survey among their respective clients to answer the questions most often received about the use of social media. A new report, Social Media Use in North American Insurance, explores the benefits, barriers, plans, legal considerations, and business results related to social media in insurance.  The feedback provides a snapshot of the current status and also an indication of what insurers expect in their "social" future.

“The survey data confirms that social media use in insurance has established a firm foothold in North America,” says Mike Fitzgerald, Senior Analyst with Celent’s Insurance Group and author of the report. “We see insurers of all sizes and in most lines of business on social for marketing, customer service, sales and catastrophe response functions.”

This 26-page report contains 20 figures. Click here for an infographic summarizing our findings.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

3

 

Background

3

 

Survey Demographics

3

Current Perspectives and Specific Policies

6

 

Current Perspectives

6

 

Specific Policies

8

Insurers Using Social Media

14

Insurers Not Using Social Media

19

Conclusion

21

Leveraging Celent’s Expertise

22

 

Support for Financial Institutions

22

 

Support for Vendors

22

Related Celent Research

23

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