What is the Role for Instagram With Insurance Carriers

DUBLIN, Dec. 31, 2019 /PRNewswire/ — The “What is the Role for Instagram With Insurance Carriers?” report has been added to ResearchAndMarkets.com’s offering.

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This study takes a look at a representative set of insurers and financial services firms, selected in part to represent the primary distribution models; independent agents, captive agents and direct to the customer.

This objective of this study was to look at current practices both for the public feed as well as sponsored posts that are running. With any new platform, content will change over time so it is a snapshot but it is key for insurers to take stock of the state of the industry in order to make budgetary commitments for 2020 and for social and digital marketers, Instagram cannot be ignored.

Instagram has enjoyed consistent growth and now with over 120 million active users in the US alone and with particular appeal within the millennial and the upcoming Gen-, it is fast becoming a must-use social platform.

According to HSBC U.S.’s Head of Innovation, Jeremy Balkin, to reach millennials you need to adopt ABCD communications, (Authenticity, Brevity, Context, Digital). Balkin goes on to explain that this means getting straight to the point, getting rid of industry jargon, and explaining why and how your service or product works. And, of course, be sure it’s all presented digitally.

Instagram poses a unique set of issues for insurers:

Free (feed) posts do not allow inclusion of relevant weblink or calls to action.
Insurance doesn’t lend itself to the demanded brevity
Younger audiences are suspicious of the brand authenticity.
Instagram, like Facebook before it, is likely to change especially organic reach.

How are insurers facing the Instagram challenge?

Insurers are slowly coming to terms with the platform but there are few examples of strategic campaigns that take full advantage of the visual platform. While its is understandable that insurers will be slow to adopt new opportunities, given the well-documented challenge facing the industry of reaching millennials, this might represent a missed opportunity or an opening for more nimble competitors to pose threats.

About half of the insurers reviewed have started to explore sponsored (paid) posts but the approach is tentative at best as insurers determine protocol and acceptable practices. The insurers most active and likely to find early success with Instagram are those that sell direct to the customer.

Carriers such as Geico and Progressive together with the growing body of ‘Insurtechs’ such as Lemonade can best afford to be edgy, appeal directly to younger audiences often with humor and drive positive brand awareness and relevant messaging. Other likely benefactors are those with close communities such as USAA that can use to platform to enhance the feeling of connection to the organization and other members.

Key Topics Covered:

Insurers with Independent Agents
Insurers with Captive Agents
Insurers – Direct to the Customer
Financial Services Companies
Conclusion
Summary Tables
Individual Carrier Reviews

Companies Mentioned

Allstate
Prudential
Cigna
Nationwide
AflacDuck
Gerber Life
American Family
Liberty Mutual
Northwestern Mu-tual
Esurance
Transamerica
New York Life
Farmers
John Hancock
Mercury Insurance
Sun Life Canada
Vanguard
Thrivent Financial
Auto-Owners Ins
Horace Mann
Chubb
Mass Mutual
Foremost
The Hartford
Safeco
Voya
Erie
Travelers
NJM Insurance
Alfa Insurance
Lincoln Financial
Haven Life
Amica
Putnum
Principal Financial
Mutual of Omaha
West Bend Mutual
CNA
Penn Mutual
Next Insurance
Sun Life US
Acuity
State Auto
Protective Life
Shelter
Pekin Insurance
Safe Auto
Grange
Infinity
UNUM
Central Insurance
California Casualty
Selective
Cincinnatti Insurance
Modern Woodmen
AXA
Elephant
Brighthouse
Secura
Say Insurance
The General
Slice

For more information about this report visit https://www.researchandmarkets.com/r/hcl5v2

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