While it is fairly clear why many retail and consumer-oriented companies need to worry about utilizing social media, even atypical consumer-oriented companies, such as insurance firms, need to maintain a social media presence. Recently, a wave of “insurtech,” or insurance technology, companies have launched in order to combine automation technology with the various angles of the insurance sector.
One of these firms, InsuranceSocial.Media based out of Des Moines and Anaheim, has seen insurance firms grow sales on average 12% in the first six months of implementing social media. Furthermore, the national insurance carrier saw a 400% increase in reach, via these individual firms’ actions. InsuranceSocial.Media has about $1 million in funding, including from Grinnel Mutual, one of the nation’s largest insurance companies.
Why does social media matter?
Most people would assume social media is a mostly casual interaction and therefore, it is not the correct place for financial services to communicate. However, with Millennials and Generation Z spending on average 8 hours a day on social media, society as a whole has adopted the platform as a way to engage with others in all facets of life.
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