Social Media in Insurance: Connecting with Younger Generations

March 7, 2024 | Blogs

Social media users around the world are consistently increasing. In 2023, the number of people on social media increased by 5.6%, year-to-year, and at the beginning of 2024, approximately 62.3% of the world’s population was on one or more social media platforms. With Millennials and Gen Zs making up 53% of the global population, it’s no surprise that many industries are taking advantage of the rapid online growth to market to these groups.

Applying good social media marketing practices can help organizations in many ways, including discovering new leads, gaining the trust of their clients, and reaching a growing, younger demographic.

How Your Social Media Presence Makes a Difference

Social media marketing benefits insurers and brokerages in various stages of customer acquisition and retention. Here’s how social media can help an insurance company or brokerage connect with Millennials and Gen Zs.

Increased Brand Awareness

The first phase of a buyer’s journey is awareness. Social media can introduce leads to an insurance company or brokerage, demonstrating what products and services it offers.

Affordable Means of Advertising

If you compare social media ads to other digital marketing strategies, they are often affordable while still offering a high ROI. Through targeted advertising, you can reach the right audience by targeting specific demographics, locations, and more.

Better Customer Engagement

Increased customer engagement leads to building customer loyalty. Establishing a strong relationship with current clients makes retention easier in the long term. Additionally, through social media interactions, you can build rapport with new clients, including those of a younger demographic.

Adequate Knowledge of the Market

Social media is an excellent way to monitor the market and stay up to date on emerging trends. Using analytics tools, the company can learn more about what drives up engagement and what the audience wants to see. Also, by keeping an eye on the competitor’s social media accounts, you can find out what practices they follow.

Making the Best of Social Media Marketing

Social media marketing can be a slippery slope because there are so many directions to follow. Below are a few tips to help you reap the benefits of your social media campaign.

Invest in The Right Social Media Platforms

Setting up accounts on all the popular social networking platforms isn’t challenging. However, you will soon discover that growing an audience for each one of them uses up many resources. Also, some platforms are made for a different demographic than the one you’re targeting.

By creating a data-driven buyer persona, you can decide when, and how your targeted leads and clients use social media platforms. For example, if most insurance seekers use Facebook for social networking, you may direct your efforts to Facebook marketing. Looking at the platforms you’re your competitors use might tip you off to which might be most fruitful.

Create Diverse Content

If you’ve decided to use more than one social media platform, you can customize the content posted on each platform. For instance, you may want to focus on visuals if you plan to post on Instagram, while posting on LinkedIn might call for something longer, and more informational.

The most important rule is to create content that is engaging and high in quality, as the purpose is to get your target audience to connect with your brand.

Utilize User-Generated Content

You don’t have to do all the work when it comes to creating content. User-generated content is content that you get from clients without paying or sponsoring them, like reviews and social media posts. You can use user-generated content as references and testimonials to advertise your services. This strategy is free, and people are more likely to trust your business.

Keep Interactions with Clients Professional and Positive

People choose the insurance company they can trust the most. And your social engagement with clients and leads can be the factor that builds or breaks their trust. In your content, you want to maintain a degree of friendliness while staying professional and courteous. Using positive language also goes a long way in leaving a good impression on your target audience.

Ensure Compliance with Laws and Regulations

One of the biggest challenge insurers and brokerages face in social media marketing is the sensitive nature of data privacy. Committing to building an online presence and interacting with clients while complying with laws and regulations can be a delicate balance. So, it’s crucial for your business to review laws and regulations and stay up to date, consulting experts if necessary to make sure clients’ interests and data are safeguarded.

Achieve Goals Using Social Media

Building a lasting relationship with younger clients is heavily reliant on showing them you are trustworthy and accessible. Regular social media posting can help achieve both goals. Check out our blog section to learn more about the latest trends in the insurance industry.