Insurance Industry Benchmarks: B2C Social Media Impact Report-TrackMaven
Article Synopsis :
Which industries derive the highest returns from social media? How do market leaders operate on the top five social media platforms?
In ‘2016 Social Media Impact Report: B2C Industry Edition’ TrackMaven answers these questions and explores how insurance stacks up against other industries on social media.
The survey analyses ten months of social media content from 213 leading B2C brands in ten industries (Apparel, Auto, Consumer Products, Entertainment, Food & Beverage, Hospitality, Insurance, Dining, Retail, and Telco & Cable) across the five major social networks: Facebook, Twitter, LinkedIn, Instagram, and Pinterest.
General takeaways include:
- APPAREL, INSURANCE, AND ENTERTAINMENT BRANDS ARE IN THE SOCIAL MEDIA SWEET SPOT: Brands in these industries have both substantial audience growth and content engagement on social media, indicating highly impactful social content.
- HOSPITALITY BRANDS ARE ADEPT AT GROWING THEIR AUDIENCES: Across the B2C landscape, brands in the hospitality sector see the highest social media audience growth, with 53.34% follower growth on average.
- WHEN IT COMES TO SOCIAL ENGAGEMENT, AUTOMAKER BRANDS RULE THE ROAD: Across the B2C landscape, automakers have the most engaged social media audiences with an average engagement ratio of 5.62. Insurance brands are a distant second (2.43).
- FOOD & BEVERAGE AUDIENCES ARE SHRINKING: Food & Beverage is the only industry with negative follower growth across the period of study (-0.06%). Across the industry, large beverage brands — including CocaCola and Dr. Pepper — experienced a decline in Facebook followers in 2015. This could be due to Facebook’s cleanup of inactive accounts, as well as the brewing backlash against big soda.
Key findings specific to the insurance sector are as follows:
- Insurance brands have the largest median audience size on Facebook (123k ‘Likes’), as well as a sizeable LinkedIn audience (81k ‘Followers’).
- Instagram is the social network with the highest engagement ratio for Insurance brands (48.6). Pinterest is the second most effective channel (20.29).
- On Instagram, Property & Casualty brands ‘out-engage’ Life brands on average (48.8 v. 28.7 engagement ratios).
- Of the ten industries surveyed insurance ranks last in social media audience size.
Though insurance has good content engagement on social media the number of customers actually involved with social media for insurance isn’t growing as fast as other industries.
Industry Case Studies (actually summary findings of TrackMaven data) are provided for each of the ten industries covered in the survey. The data makes clear all industries are not created equal when it comes to social media with the differences in platform and engagement level striking one industry to the next.
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Digital Insurer's CommentsSocial media platforms are a valuable source of unique consumer trends, customer feedback and perception insights in real time. This report indicates insurers are actively investing in the space.
We see returns from social media investments materializing in three specific areas:
1. Underwriting: The immediacy of social data enables insurers to transform underwriting from a static process reliant upon backward-facing data into a dynamic process utilizing real-time data.
2. Claims: Social media is being used extensively in claims, especially in fraud.
3. Subrogation: In the wake of a loss event such as a fire, claims and subrogation can glean important information from social media networks. Bystanders often capture and post video of the loss as it occurs, providing valuable third-party information to investigators.
Though marketing and customer acquisition will ultimately happen on social media, insurers have yet to crack the code.
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