Anyone working in the insurance world knows that the insurance business is highly regulated. And, as such, insurance companies tend to shy away from anything in the public spot light. And, there is no bigger and scarier spot light than the one created by social media.
Given this, it is not surprising that a 2010 analysis by the University of Massachusetts Dartmouth Center for Marketing Research found that only 28 insurance companies in the Fortune 500 had a Facebook account and fewer still had either a twitter account (20) or a public facing blog (3).
While insurance companies certainly face many challenges when it comes to speaking publicly, they will need to find a way to step out of their shell and join the conversation. Why? Well competition of course! Insurers who can come close to “mastering” the art of listening to and speaking the language of social media will certainly have a leg up on the competition now and in the future.