LIMRA, the world’s largest association of life insurance and financial services companies, published new survey data this week revealing that 93% of life insurance companies had social media programs in place last year. That’s up 55% from the 60% of companies that were managing social media in 2010.
Additionally, 7 in 10 survey respondents reported that their programs support financial professionals’ use of social media, with more planning to launch such programs this year.
As provider of the leading social business platform for the financial services industry and LIMRA’s Elite Strategic Partner, Hearsay Social is delighted to see such impressive figures. Over the past few years, we’ve worked closely with our customers to elevate the social media conversation from social compliance to social business. Compliance was still cited by the top challenge among 68% of LIMRA’s survey respondents, but that figure has dropped considerably from the 90% that said it was the biggest concern in 2010.
Resulting from our work with customers and partners, social media is today seen less as a liability and more as a real revenue driver, hence why the majority of life insurance companies now support their producers’ use of social media.
Drilling down into companies’ use of social media, LIMRA also found that LinkedIn and Facebook are the most widely used social media platforms, as evidenced in the chart below. Twitter and YouTube are also fairly popular, with usage across more than three-fourths of life insurance companies. Other social networks have seen substantial growth as well.
LIMRA members are welcome to see more of the survey data in the full report, Where Are We Now? Leveraging Social Media With the Public (2014). And with LIMRA’s 2014 Social Media Conference for Financial Services taking place in Boston next month, Hearsay Social is looking forward to discussing these findings and other social business trends at the conference.