Life insurers’ use of social media expands significantly
August 6, 2014 by IFAwebnews Staff
Nearly all life insurance companies had social media programs in place in 2013, according to research from LIMRA.
According to LIMRA, 93% of life insurance companies had their own social media programs last year, an increase of 55% in 2010, when only 60% of companies used social media.
More than three quarters of companies report having social media programs targeted to the public (77%); while 7 in 10 have programs supporting financial professionals’ use of social media. One in five companies say they plan to launch social media programs to reach these audiences in 2014.
According to LIMRA’s annual survey, LinkedIn and Facebook are the most widely used social media platforms with 98% of companies having a presence on LinkedIn and 93% on Facebook. Other sites, such as Twitter, Google+, YouTube, Pinterest and Instagram have also seen growth (see chart).
While compliance concerns topped the list of challenges in 2013 (68%), it is far lower than reported in 2010, when 9 in 10 insurers cited compliance concerns as their biggest worry. However, more tactical concerns such as staffing, funding, and getting executive-level support are becoming more common.
