Commercial insurance decision-makers seek information from agents, brokers on social
Toronto, ON (May 5, 2015) – Commercial insurance decision-makers frequently turn to brokers/agents when it comes time to purchase. According to December 2014 research by LinkedIn, nine in 10 decision-makers/influencers in purchasing commercial insurance/employee benefits at their organizations used a commercial insurance broker or agency for at least some purchases – and social provides a way for both parties to conduct research about and connect with one another.
US commercial decision-makers polled were most likely to leverage social media for industry-focused commentary or perspective. Looking up credentials about a prospective broker or agent, or simply finding one to work with, were the second and third most popular use cases, highlighting the need for brokers/agents to have a strong social presence. Decision-makers were also open to communicating with prospective or current brokers/agents and wanted relevant content from them. Seeking out and staying up to date on emerging industry trends, such as risks, liabilities and coverage issues, were also common social use cases among this group of respondents.
When it came to decision-makers’ demand for details, agents and brokers were happy to oblige, with about nine in 10 saying they used social media to list credentials and expertise. And they were doing just as much client research on their side, from finding and conducting due diligence on prospects to identifying potential risks at the firms. Agents/brokers were also serving clients the material they wanted, with about half saying they shared content relevant to clients/prospects, posted commentary or perspective on industry topics, or shared advice on risk strategies.
Among consumers as a whole, social engagement with insurance brands is strong compared with other financial services categories. According to October 2014 research by Shareablee, insurance brands accounted for 47% of social engagement with US financial services brand social network pages, compared with 22% for investment products and services, 17% for banking, 13% for payment services and 1% for loans. In all, 83% of insurance brands had a social network presence, behind only banking (88%).
Social opens up new ways for insurance brokers and agents to reach prospects and clients. To do so, LinkedIn suggested, they’ll need to create solid profiles for themselves and exemplify their industry knowledge and leadership.
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