Two pieces of data crossed our desk this week. The first came from Insurance Network News which quoted a recent study indicating that a recent report from NetProspex on Social Media Use by Business found that the insurance industry ranked 43rd out of 50. (Banks ranked 3rd.)
The second piece of information came in conversation with several folks at the Insurance Brokers Association of Ontario who suggested that market share for brokers in the P&C business in Ontario was now approaching 50% (down about 10 basis points in the last decade).
The commentator in the INN piece on Social networking attributed the low ranking of insurance to “the relatively conservative corporate cultures seen in the industry, which needs to fully assess and mitigate the risks of overexposure to outside communities.” (INN Expert Forum, October 8, 2010).
Perhaps. But does this come at the expense of market share?
At the 2011 Insurance-Canada.ca Technology Conference, noted insurance and technology guru Rick Morgan will be addressing the use of social media by insurers and brokers. We’ll see if this question comes up (knowing Rick, I bet it will.)