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What is the Role for Instagram With Insurance Carriers?

  • ID: 4858103
  • Report
  • November 2019
  • Region: Global
  • 33 Pages
  • The Customer Respect Group
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Instagram has Enjoyed Consistent Growth Now With Over 120 Million Active Users in the US Alone

FEATURED COMPANIES

  • Acuity
  • Central Insurance
  • Gerber Life
  • Modern Woodmen
  • Protective Life
  • State Auto
  • MORE

Overview of the Study

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.

Growth

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.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Acuity
  • Central Insurance
  • Gerber Life
  • Modern Woodmen
  • Protective Life
  • State Auto
  • MORE

1. Introduction

3. Insurers with Independent Agents

6. Insurers with Captive Agents

7. Insurers - Direct to the Customer

9. Financial Services Companies

10. Conclusion

11. Summary Tables

14. Individual Carrier Reviews

27. Industry Data

Note: Product cover images may vary from those shown
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  • 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
Note: Product cover images may vary from those shown
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