Jul. 26, 2011 – The recently published Pew Internet & American Life Project poll indicates that social networking use among internet users ages 50 and older has nearly doubled � from 22% to 42% over the past year. Furthermore, the survey indicates that nearly half (47%) of internet users ages 50-64 and more than a quarter (26%) of users ages 65 and older now use social networking sites. These statistics are significant and the latest sign to Life and Annuity insurance carriers that adoption of social media among older Americans continues to rise � quickly. It�s worth noting that this age group, 50-64, represents the average age range of Life and Annuity policyholders.
Up until now, carriers have had a tendency to ignore social media as a means of communication, since it was assumed that only younger Americans were using the technology. Now, it is becoming increasingly clear that Life and Annuity companies need to adopt social media as a significant communication channel for both Agents and Policyholders.
For more information, see our March 2010 report, Best Practices in Social Media for Insurers.
Novarica provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica’s research includes market and trend analyses, best practices research, case studies, and independent analyses of insurance software vendors. Novarica draws its knowledge from the personal experience of its principals, the ongoing information gathering initiatives of dedicated research staff, and regular communication with insurer executives through informal networks and through the Novarica Insurance Technology Research Council, a moderated knowledge-sharing community of more than 300 senior IT executives representing more than 260 North American insurers. More information at www.novarica.com.