Of all the challenges faced by the insurance industry, the toughest is the one that is transforming consumer behavior and business models on a daily basis — digital technology. More and more, people are turning to technology or, more specifically, social media, for referrals for everything from a local doctor to a car mechanic to, you guessed it, a trustworthy insurance agent or financial advisor.
Industries such as telecommunications, consumer products and media and entertainment have already harnessed digital to attract and retain new customers. It is time for insurers to evolve and respond. No industry can afford to stand on the sidelines while potential clients, new products and emerging markets whiz by on the way to success and profits. Today, if you stand still, you fall further behind. It’s time the insurance industry made digital technology a top priority.
Like a rabbit in a hole, many traditional agents have been timid in the face of something so big and scary as the public world of social media. And rightly so. This (now not-so-new) form of sharing and communicating comes with its share of ways to get agents and advisors humiliated, fired or even stripped of their securities license.
Social media concierge
Some insurance and financial firms are handing over social media policing, content strategy and other responsibilities to businesses that handle just that. One such company is Hearsay Social, a San Francisco-based social media marketing management platform. Basically, it’s software that allows those familiar with and those new to the social media game to easily adopt social business techniques to attract prospects, retain customers and deepen relationships.