Life insurers are making more use of social media to promote their products and services.
A survey conducted by the Life Insurance Marketing and Research Association (LIMRA) reveals that 93% of life insurance companies had social media programs in place in 2013. This is an increase of 55% from 2010, when just 60% of companies were using social media.
The LIMRA report, Where Are We Now? Leveraging Social Media With the Public, also shows that 77% of companies report having social media programs targeted to the public, while 70% are using social media to reach insurance advisors.
According to the annual survey, 98% of insurers have a presence on LinkedIn, 93% are on Facebook, 83% have Youtube accounts, and 78% are using Twitter. Google Plus has also seen significant adoption rates amongst insurers, going from 0% in 2010 to 44% in 2013.
Insurers appear to be less worried about compliance issues when using social media; in 2010 90% of insurers expressed concern, but by 2013 this number had declined to 68%. LIMRA notes that more tactical concerns such as staffing, funding, and getting executive-level support have become more common.