Engage through social media and reap the rewards

Simon Colman, Executive Head at SHA Specialist Underwriters

In the specialist insurance space, insurance brokers often have to interpret the mysteries that surround niche products on behalf of their clients.

The effective use of social media can however, assist in overcoming this daunting task.

Unfounded concerns

Many brokers fear that they may be inviting trouble into their personal space if they engage on social media, but this is simply not the case.

While there are numerous recent examples where people have landed in hot water for things published on social media, if one sticks to the same principles of common decency on the digital social platforms as one would in a face to face interaction with strangers, there should be nothing to worry about.

Social media also allows users to draw attention to new risks that are looming on the horizon very quickly. The impact of driverless cars, 3D printing and drone usage are only a few of these risks that can all be debated by business owners, insurance practitioners and other experts long before they become real exposures.

Renewed adequacy

If one considers legislative changes, social media allows brokers the opportunity to start a conversation with clients and insurers to make sure policy coverage is adequate for the new environment. Take the proposed national liquor regulations as an example. This regulation could lead to new liability exposures for bar and tavern owners so the impacts of these regulations were discussed openly on social media platforms.

Increased brand awareness

Effective social media usage can also lead to increased brand awareness in the insurance sector.

It can be used as a tool to drive activity back to a website in order to further engage with brokers. Consumers are bombarded with irrelevant information on a daily basis in the form of billboards on the side of the road, television adverts, radio adverts etc. Social media enables people to choose who they want to follow and which brands they believe will speak to their interests and needs.

A broker interested in liability insurance can therefore engage with an insurer such as SHA on their social media networks. This two way communication is far better than the one directional advertising we are used to.

It is important that brokers, and insurers alike, engage with other industry professionals and stakeholders on social media. Shared, free knowledge is available right across the social media spectrum. The platforms also provide unique opportunities for brokers to establish ongoing contact with their existing and prospective client rather than relying on an email at renewal or claim time.

Attesting to benefits

I believe that most people within the insurance industry can attest to the benefits of engaging on LinkedIn; however, Twitter and Facebook are not fully utilised yet.

Brokers need to follow influential players in the industry who are very active and engage with them on these social portals to ask questions and share content ideas. It can be a very valuable way of building a social media presence by tapping into the minds of these experts.

As an underwriter, I often research a client’s social media pages and check their website for additional insight into their business. It can be a very handy tool to prepare ahead of a meeting with the broker to discuss current and emerging risks for a particular client.  If you want to know more about your customers and what they think about your products, social media tends to be more honest and untailored than website content. By following the right accounts, one can also see what some of the big international players are working on and try to find a way to localise their problems and solutions.

I am very happy about the increasing number of social media courses and presentations within our industry. I encourage more industry players to attend these to ensure that they take full advantage of the benefits that social media has to offer.