The adoption of new technologies addresses challenges in customer engagement and business growth.
As more customers demand faster and more personalized transactions, more insurers are looking to improve their social media capabilities and engage consumers in conversation online. Strengthening the policyholder relationship is an ongoing priority for New York Life (NYL), which is broadening its use of social channels.
“Our challenge is always, through every channel we can leverage, to engage consumers in conversation,” Liz McCarthy, senior vice president of agency communications at NYL, tells us. “We have found social media as a new and effective way to engage customers in a conversation about what matters in their lives.”
Life insurance is not usually top of mind for policyholders, McCarthy says, so NYL began to engage with them through social media about three or four years ago. It began with a corporate presence on Facebook, which it found to be the natural place for consumer engagement. NYL has since created accounts on Twitter and LinkedIn, which the insurer uses to recruit potential agents and employees.
After developing its corporate social presence, the insurer began to roll out social capabilities to its agents — a more difficult process. As NYL began to understand the power of social media, it realized that it didn’t want to change what its agents had been doing for years: engaging with customers, creating relationships, and building communities. It simply wanted to move those activities to the digital world.