Celent: Impact of Social Media Use on North American Insurers

Industry Trend Report – “Social Media Use in North American Insurers: A Snapshot”
by Michael Fitzgerald, Senior Analyst, Celent

May 3, 2013 – 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.

Survey Responses: How can insurers benefit from the use of social media?

“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.”

Click here to access the 26-page report containing 20 figures.

About Celent

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 part of Marsh & McLennan Companies. Visit www.celent.com.

SOURCE: Celent