In its fifth year, LIMRA’s 2014 Social Media Conference for Financial Services last week provided financial services teams the strategies they need to build relationships, generate sales and recruit new producers with social media.
This year’s presenters shared more real life success stories and tangible strategies than ever before. In particular, there was a heavier focus on successful use of social media by agents and advisors in the field.
Here are the some of the key topics covered throughout the conference:
Advisor use of social media
In contrast to prior years, where it seemed the conference was primarily focused on brand or corporate use of social media, this year’s conference was much more focused on how advisors in the field successfully leverage social business practices.
MassMutual, New York Life, Sun Life Financial, Guardian Life, and other organizations shared stories of how advisors successfully leveraged social media to maintain customer relationships and grow business. Even Zuckerberg Media founder and CEO Randi Zuckerberg (@randizuckerberg), who focused on social media trends, provided some best-practice examples of advisors using Facebook to connect directly with their customers.
From @randizuckerberg at #LLSMC – Give employees & customers their 15 mins of fame – a great way to build engagement pic.twitter.com/4i1O1EoWcp
— Meagan Hency (@mherf) August 21, 2014
One standout session was a panel discussion, “Winning as a Team @ MassMutual,” moderated by Hearsay Social’s Customer Advocacy Manager, Victor Gaxiola (@victorgaxiola).
In a lively discussion, the cross-functional team from Mass Mutual, including Kathleen Mayko (Director, Brand Marketing, Life Company Marketing, @kathleen_mayko), Doug Morrin (Assistant Vice President & Counsel, Law Department, @DougMorrin), and Corina Roy (Assistant Vice President, Field Digital, Life Company Marketing, @corinaroy), shared the evolution of their social media program.
In a round robin format, Corina shared how MassMutual has mobilized its field force to embrace social technology to connect with prospects and clients, and Kathleen covered the brand perspective. Both expanded on the the need for interdepartmental collaboration and communication to meet the challenges of adoption early on and through the life of the program.
Victor categorized the challenge facing the industry well: “Social media in financial services is a revolution at an evolutionary pace.”
social media and financial services is an evolution at a revolution pace @VictorGaxiola @LIMRA #llsmc #lovethiscareer
— Cathy Zackrias (@CZackriasF55F) August 21, 2014
Representing the legal perspective, Doug was a refreshing surprise illustrating MassMutual’s progressive approach to social media understanding and adoption. He spoke about how he became knowledgeable about social media by actually creating his own social media accounts and using them. (A great tip for other legal and compliance professionals who are looking to better understand the technology.)
ATTN: Attorneys & compliance officers! Follow @DougMorrin's lead and signup for social media accts. Learn the networks. #LLSMC
— Amy McIlwain (@amymcilwain) August 21, 2014
From the beginning, he approached social media as a business imperative; instead of being a roadblock, the legal and compliance team would be partners in making social successful at MassMutual.
Really informative session at #LLSMC by @massmutual team @CorinaRoy @VictorGaxiola @DougMorrin @Kathleen_Mayko
— Ian Walsh (@IanWalsh) August 21, 2014
Mobile
Mobile and social media have always gone hand-in-hand, but this year the mobile conversation was front and center. There was some mention of mobile strategy in almost every presentation.
Randi Zuckerberg, for example, discussed a number of mobile trends. “People want to get everything within one click on their phone,” she said, sharing examples of mobile consumer applications such as Uber and asking, “so how do you give your clients what they need?” A few of the mobile applications from insurance companies that she shared were The Liberty Mutual Home Gallery, Progressive Art app, and MetLife Infinity.
There seems to be general consensus that the way people digest information has changed, and therefore firms and relationship managers need to connect with customers, employees, and investors through mobile channels. In their “Social E-Motion” session, Aaron Brickman, Adam Sherman, and Louis Cardello (senior associates at New York Life), shared the statistic that cold calls are ineffective 97% of the time, highlighting the need for other ways to connect with customers and prospects.
Cold calls are ineffective 97% of the time #LLSMC via @newyorklife
— Terry Golesworthy (@TerryCRG) August 21, 2014
Integrated campaigns
As the industry’s use of social media matures, it is only natural that financial services organizations become more sophisticated with their social business programs. Particularly apparent at this year’s LIMRA conference was the number of success stories concerning fully integrated campaigns across other digital channels, in-person activities, and mobile.
In his session “Plan for the Moment – Twitter and Financial Services Partner,” Dan Greenberg (Senior Account Manager, Twitter, @dangb) shared some impressive examples of integration with Twitter marketing programs, live events and TV broadcasts. Dan highlighted a successful campaign that New York Life ran encouraging customers to share stories.
Twitter case study: @NewYorkLife talking life events with @dangb #LLSMC pic.twitter.com/mdfW2bZ6Jg
— Ron Piovesan (@ronpiovesan) August 21, 2014
Dan also shared a variety of examples of Twitter tools available to help bridge Twitter engagement with other marketing programs, such as “Click-to-Call” on mobile and Twitter Cards.
Twitter "click to call" card available on mobile – could be very useful #LLSMC
— Terry Golesworthy (@TerryCRG) August 21, 2014
Increased engagement and conversion rate using Twitter cards. Solid ROI! @dangb #LLSMC pic.twitter.com/ToBCX1v5tw
— Ron Piovesan (@ronpiovesan) August 21, 2014
The core day of the LIMRA event concluded with the “Silver Bowl Awards” hosted by Michael Lock (President & COO, Hearsay Social, @michaelhlock) and James Kerley (Chief Member Officer, LIMRA/LOMA). With this second-annual installation of these awards, the conference attendees had a chance to look back at each other’s successes over the past year and learn from some truly creative campaigns.
Congrats to all the winners at the 2014 Silver Bowl Awards for Insurance industry excellence in Social Media #llsmc pic.twitter.com/vL2QAGyyOH
— Michael Lock (@michaelhlock) August 22, 2014
Can’t wait to see how you all continue to innovate over the coming year!
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