Innovative marketing in commercial insurance

Emily FriedmanSenior Research Consultant

LinkedIn

Innovative Marketing in Commercial Insurance:How Rising Adoption of Digital and Social Resources Is Impacting Business

Elliott Bundy

Chief Communications

and Marketing Officer,

XL Group

Michael Lock

President,

Hearsay Social

David May

Chief Marketing Officer,

AIG

Panelists

1To what extent do agents, brokers and clients rely on digital and social

resources for discovery, consideration and validation of information?

2How does industry adoption of digital and social resources impact the

traditional intermediary relationship model for agents and brokers?

3What opportunities exist for producers to build their brand, deliver

influential value, and drive key results through social networks?

Questions to Answer

76%

77%

82%

86%

88%

91%

Online Insurance Trade Publications

Professional Networks

Insurance Carrier Domains

Agents/Brokers

Clients

27%

42%

30%

32%

59%

32%

Agents, brokers & clients use select digital sources for

discovery, consideration & validation of information

Significant increases in digital reliance are expected over the next year

Source: 2014 study of commercial insurance agents, brokers and clients on LinkedIn

Clients primarily turn to social networks for industry

perspectives and to assess potential agents/brokers

Stay up-to-date with

company risks

45%

42%

Identify prospective

agents/brokers

47%

45%

Check credentials of

prospective agent/broker

56%

54%

Commentary/perspectives

on industry topics

61%

57%


Use at least 1 networkUse LinkedInTop use cases for social networks:

Beyond staying informed, agents & brokers leverage

social networks for prospecting and engaging clients

Identify

prospects

59%

57%

Due diligence on

potential clients

62%

61%

Stay up-to-date on

companies / executives

78%

77%

List my credentials

and/or expertise

89%

89%

Use at least 1 networkUse LinkedIn


Top use cases for social networks:

in Agents/brokers who prospect on

LinkedIn have found a potential

client through the network

Clients who use LinkedIn to identify

potential agents/brokers have been

influenced to work with one

in

Commercial insurance professionals drive tangible

results through strategic use of LinkedIn


“LinkedIn is…instrumental in my

ability to leverage my network

to find the best carriers and

brokers for my needs.”

— Commercial insurance client DM on LinkedIn


“LinkedIn has afforded the chance

for warm introductions.

I had a prospect that would have

been a cold call, however, I

discovered they were linked to

two of my connections.”

— Commercial insurance agent on LinkedIn


1Rising reliance on digital & social resources for discovery, consideration &

validation of information is transforming the commercial buying/selling process.

2Clients are maintaining traditional intermediary relationships but will

increasingly turn to social networks for supplementary insight & due diligence.

3Agents and brokers have key opportunities to effectively drive results

through prospecting and providing valuable perspectives on LinkedIn.

What’s Next?

Elliott Bundy

Chief Communications

and Marketing Officer,

XL Group

Michael Lock

President,

Hearsay Social

David May

Chief Marketing Officer,

AIG

Panelists

Innovative marketing in commercial insurance

Marketing

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