Light-speed Nature Of Social Media Challenges Efforts To Manage It

Sometimes (such as when seated next to a texting teenager whose thumbs are in a blur

for hours on end), it seems like social media has been around forever. Of course it really is a rather new phenomenon, but at the heart of it, social media is simply another means for individuals to communicate and interact via user-generated content exchange over the Internet. As the technology evolves, many companies are working overtime to establish policies governing use of social media for the benefit of the business and its employees. Certain industries, including the insurance market, must pay particular attention to ensure their presence on social media platforms does not unintentionally provide false or misleading information, or content that could result in exposure to any sort of regulatory liability.

As social media is constantly evolving, it can be challenging to stay abreast of the latest platforms and pitfalls; establishing procedures and guidelines to regulate use of social media is thus somewhat of a moving target. Yet the extremely fast, very public, and widespread nature of social media means that any company that makes a misstep will see that mistake examined and likely magnified many times over. It is important to have knowledgeable staff in place that are well steeped in the immediacy of the social media culture and can react to trends as necessary to retool the company's social media profile in real-time.

Insurance companies are harnessing the power of social media to not only market their services, but to provide a very personal level of customer service, which in turn serves additional goals:

Foster a sense of familiarity with the target audience

Strengthen the company's reputation for trust and solidity

Share important information about the company

Heighten visibility to the target audience and in the marketplace overall

Increase a sense of trust among consumers

Establish and grow relationships with customers

For all it is able to accomplish, insurance social media has quickly become an integral part of many insurers' marketing strategy. However, there are other insurance companies that are not yet convinced the pros outweigh the cons of using the relatively new outlet of social media. Concerned about the lack of formal legal and regulatory rules in place, these insurance companies have either flatly banned the use of social media attached to their business operations, or have strictly constrained its use. Either way, it is clear that social media is here to stay and companies will need to continue to define how best to utilize the phenomenon to their advantage.

by: Larry Neilson

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