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New Social Business Maturity Model Enables Firms to Assess Success

To kick off the official start of the 2015 LIMRA LOMA Social Media Conference for Financial Services (#LLSMC) today, we’re thrilled to unveil our new Social Business Maturity Model, a standardized measurement methodology that allows financial services and insurance companies to evaluate the success and progress of their social business programs.
Based on our many years of experience empowering leading companies with large distribution teams to grow their business through social – including seven of the top 10 global firms – and the collective data we’ve gathered over the years, the Social Business Maturity Model enables financial services companies to quantitatively assess how their social initiatives measure up against the industry and where they stand relative to their cohort.
By ranking a company’s program across seven practice areas that are crucial to social business success, the model provides an overall score that places it in one of four stages of maturity: Developing (level 1), Emerging (level 2), Strategic (level 3) and Market Leading (level 4). In knowing their Social Business Maturity score, firms can benchmark their progress as well as see how they compare to their peers and industry averages.
Screen Shot 2015-08-19 at 6.19.13 AM
But it doesn’t end there. The model also provides key insights into what the company should prioritize in order to advance along the spectrum toward the next stage of maturity. Working closely with our customer success team, firms will receive expert, actionable guidance on what areas they should focus their resources on that will most quickly accelerate their program maturity and, ultimately, build more value across the enterprise.
The Social Business Maturity Model Study
In developing the model, we also evaluated the social business programs of more than 100 leading financial services and insurance companies to identify the top ROI drivers and indicators of success. After analyzing an enormous amount of data, the resulting Social Business Maturity Model study provides some compelling insights, including:

  • A dedicated project team is key
  • Set a plan for deployment and meet it
  • Have an established measurement process
  • Lead by example via executive championship
  • Invest in the program over the long-term

Ultimately, our vision for the Social Business Maturity Model and study is to not only help companies gain a better understanding about how well their programs are doing, but to help them advance to the next level and as a result, collectively shift the entire financial services industry as a whole toward greater social business maturity.
To learn more:

Related Resources:

[:de]To kick off the official start of the 2015 LIMRA LOMA Social Media Conference for Financial Services (#LLSMC) today, we’re thrilled to unveil our new Social Business Maturity Model, a standardized measurement methodology that allows financial services and insurance companies to evaluate the success and progress of their social business programs.
Based on our many years of experience empowering leading companies with large distribution teams to grow their business through social – including seven of the top 10 global firms – and the collective data we’ve gathered over the years, the Social Business Maturity Model enables financial services companies to quantitatively assess how their social initiatives measure up against the industry and where they stand relative to their cohort.
By ranking a company’s program across seven practice areas that are crucial to social business success, the model provides an overall score that places it in one of four stages of maturity: Developing (level 1), Emerging (level 2), Strategic (level 3) and Market Leading (level 4). In knowing their Social Business Maturity score, firms can benchmark their progress as well as see how they compare to their peers and industry averages.
Screen Shot 2015-08-19 at 6.19.13 AM
But it doesn’t end there. The model also provides key insights into what the company should prioritize in order to advance along the spectrum toward the next stage of maturity. Working closely with our customer success team, firms will receive expert, actionable guidance on what areas they should focus their resources on that will most quickly accelerate their program maturity and, ultimately, build more value across the enterprise.
The Social Business Maturity Model Study
In developing the model, we also evaluated the social business programs of more than 100 leading financial services and insurance companies to identify the top ROI drivers and indicators of success. After analyzing an enormous amount of data, the resulting Social Business Maturity Model study provides some compelling insights, including:

  • A dedicated project team is key
  • Set a plan for deployment and meet it
  • Have an established measurement process
  • Lead by example via executive championship
  • Invest in the program over the long-term

Ultimately, our vision for the Social Business Maturity Model and study is to not only help companies gain a better understanding about how well their programs are doing, but to help them advance to the next level and as a result, collectively shift the entire financial services industry as a whole toward greater social business maturity.
To learn more:

Related Resources:

LIMRA Study Reveals How Financial Brands Can Help Advisors With Social Media

LIMRA recently released a study of financial services companies that looked into if, and how, they are arming their advisors with the resources and support needed to succeed on social media.
According to the Supporting Social Media report, six out of 10 financial services companies have deployed programs to assist their advisors and representatives on social media, realizing the importance of social media at the field level.

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Figure 1 showing the percentage of companies that have initiatives in place to support their financial professionals in using social media. Fewer than 10 percent have no plans. Source: Supporting Social Media (2015), LIMRA

However, participating companies also report that content continues to be a challenge, including a shortage of compliant content in addition to slow approval processes. This points to a need for meaningful content that moves faster in order to keep pace with – and rise above – the constant stream of “noise” often presented in social media.
“In some cases, the content that is created can pass through a lot of hands, meaning the process is resource intensive and the content, less timely,” says Norah Denley, LIMRA’s senior research analyst and the report’s author, in the press release.
Still, the overall picture is improving. Not only are financial services companies recognizing the business value of social media, many also are investing in the development of training, education and best practices programs to ensure their advisors are both compliant and equipped with the know-how to succeed on social.
“Companies and financial professionals successful with social media know it is not a magic bullet,” says Denley. “They realize it’s a powerful tool to establish and nurture relationships, part of their broader marketing efforts, and that over time it can help contribute to success.”
There are other factors that are critical to social media success, according to the report. Characteristics of those who are successful on this front include companies that 1) can secure executive buy-in and support from the top; 2) have compliance and sales teams that know and use social media themselves; and 3) have home office staff that know about their social media program and can build greater awareness around its benefits.
For more details, see the full LIMRA press announcement.
Tune in to our #HSonAir podcast later this month where we speak with Denley about the report’s findings and other interesting tidbits.