A new LIMRA survey finds that 93 percent of life insurance companies had social media programs in place in 2013, up 55 percent from 2010 (when only 60 percent of companies used social media).
More than three quarters of companies report having social media programs targeted to the public (77 percent); while 7 in 10 have programs supporting financial professionals’ use of social media. One in five companies say they plan to launch social media programs to reach these audiences in 2014.
According to LIMRA’s annual survey, LinkedIn and Facebook are the most widely used social media platforms with 98 percent of companies having a presence on LinkedIn and 93 percent on Facebook. Other sites, such as Twitter, Google+, YouTube, Pinterest and Instagram have also seen growth (see chart).
While compliance concerns topped the list of challenges in 2013 (68 percent), it is far lower than reported in 2010, when 9 in 10 insurers cited compliance concerns as their biggest worry. However, more tactical concerns such as staffing, funding, and getting executive-level support are becoming more common.
To learn how companies are dealing with these issues, join other financial services professionals at the 2014 Social Media Conference for Financial Services.
Members can read the full report by visiting: Where Are We Now? Leveraging Social Media With the Public (2014).