P&C brokers adopting social media to meet business goals, Economical survey reveals

Waterloo, ON (Nov. 27, 2018) – The second annual social media Pulse Check survey by Economical Insurance reveals Canadian P&C insurance brokerages that self-identify as “ahead of the curve” on social media marketing reap the rewards when it comes to achieving their business goals. Conducted this past summer, the survey polled 300 insurance professionals across Canada.

“Through compiling and releasing this report, we can share industry trends with brokers and highlight emerging opportunities in social media marketing,” said David Bradfield, Vice-President, Communication and Corporate Marketing, Economical Insurance. “We know our broker partners are continuously adapting to deliver the experience that customers expect, and we believe the findings will add to their insights with new ways to meet business objectives.”

Ahead of the curve

Brokerages that self-identify as “ahead of the curve” are meeting their business objectives, while respondents who feel they’re “behind the times” are falling short.

Here are the key findings from “ahead of the curve” brokerages:

  • More than half have an active Instagram account, with higher adoption rates of multiple channels overall;
  • Over 80% actively measure success of their social media activity;
  • More than half plan to increase their investment in social media marketing next year.

Key findings from “behind the times” brokerages include:

  • Only 10% use Instagram;
  • Most reported not actively measuring their social media performance at all;
  • More than half claim to not spend any dollars on advertising.

“Though we’re seeing the majority of the industry relying on Facebook to reach customers, Instagram usage has doubled over the past year,” said Naheed Somji, Senior Social Media Specialist, Economical Insurance. “Investing in social media marketing offers brokerages unprecedented opportunities to connect with their customers on the social channels of their customers’ choosing, helping them to get ahead of the curve.”

Through the annual social media Pulse Check survey, Economical supports broker partners getting ahead of the curve to generate new leads and sales, extend and grow brand awareness, and engage with customers. To download the report, go to 2018 Pulse Check: Social Media Usage in the Canadian Insurance Industry.

About Economical Insurance

Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with more than $2.3 billion in annualized premium volume and approximately $5.7 billion in assets as at September 30, 2018. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial, and Family Insurance Solutions. For more information, visit www.economical.com.

SOURCE: Economical Insurance

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