Expert Explains how Digital/Social Media Can Rescue Insurance Industry
Head of Corporate Communication, Polaris Bank Limited, and President, Association of Corporate & Marketing Communications Professionals in Banks (ACAMB), Mr. Rasheed Bolarinwa, has said that effective use of the digital and social media can add value to the Nigerian Insurance industry.
Speaking on the theme of the 2022 Insurance Industry Consultative Council (IICC) Media Retreat, “Media As Catalyst for Insurance Inclusion,” organized by IICC for members of the Nigerian Association of Insurance and Pension Editors (NAIPE), recently in Ijebu Ode, Ogun State, Mr. Bolarinwa said “Social media marketing is a great way for insurance companies to unleash their digital marketing plan.
Bolarinwa said a study has revealed that customers increasingly spend more time on social media, noting that “if that is the case, social media platforms are key for insurance policy marketers and the general public.”
According to him, to an undiscerning mind, Insurance and social media may sound like unusual partners. This may be a very wrong assumption.
He noted that a study conducted by the Global Trends five years ago, showed that the insurance industry invests an average of $124 million per company in artificial intelligence (AI) which he said is a massive $54 million more than the average of all surveyed industries.
On the studies conducted this year, Bolarinwa said there are 2.91 billion active users on Facebook, adding that the largest age group on the platform is between 25 and 34.
He said the 2022 studies also revealed that there are 810 million active users on LinkedIn. The largest age group on the platform is between 25 and 34.
“While this has historically been a platform for older generations, it is starting to move toward millennials, likely following the demographic as they grow to take on a larger portion of the job market. This is a great platform for B2B and could find highly targeted audiences when working with paid advertisements,” Bolarinwa said.
Giving the guide on how to market insurance on social media, the communication expert listed the areas of focus including Creating Quality Content; Sharing Customer Testimonials; Highlighting Brand Values and choosing the right social media platforms.
Social media platforms, he said, are great tools for insurance agents to reconnect with past customers and engage with prospective ones, noting that these platforms promote sales, give insights about different policy types, and offer advice to establish yourself as a reliable sector authority as well as a great place to share news about closures or community events and sponsorships.
“The insurance industry is already hectic, so you don’t want to be spinning your wheels on social media. When it comes down to it, using social media for community building may not cost money”, he said .
