OLDWICK, N.J.--(BUSINESS WIRE)--In this second of five “First Monday” episodes, A.M. Best Vice President Stephen Irwin and Senior Financial Analyst Joan Sullivan speak about a survey A.M. Best conducted where two-thirds of respondents from the insurance industry expressed the belief that their company’s social media strategy needs improvement. Click on http://www.ambest.com/v.asp?v=fmsocialmedia615 to view the entire video program.
The remaining “First Monday’ episodes for June 2015 will focus on year-end 2014 results of the U.S. life/health industry; an interview with Manuel Calderón, A.M. Best's new managing director in Mexico and the possible impact on disability insurers should a projected insolvency of the U.S. Social Security Disability Fund occur. “First Monday” is A.M. Best’s monthly program featuring commentary by the company's leading analysts.
Social media has altered the landscape of personal and professional communications. Companies in all industries are adapting their platforms to include Facebook, LinkedIn and Twitter, and the insurance industry is no exception. “Social media is an inexpensive way to market the brand, the product and reach customers, since traditional marketing is not as effective,” said Sullivan. “Additionally, the survey showed that 55% of insurance companies are now using social media.”
Moreover, with the changing demographics focus (from baby boomers to millennials) the insurance industry is looking for ways to tap into that marketplace.
“With millennials being not only the largest users of social media, but also presently the largest living generation, insurance companies are concentrating their branding, marketing and advertising to reach that market,” added Irwin.
Recent episodes of A.M.BestTV include:
- ‘First Monday’: Rising Drone Use Brings Risks Into View: Assistant Vice President Henry Witmer explores the multitude of liability exposures brought by expanding commercial drone use and the underwriting challenges insurers face: http://www.ambest.com/v.asp?v=fmdrones615.
- Whale Phishing: Insurers Challenged by Digital Con Game: Christopher Giovino, director, forensic services, AON Global Risk Consulting, states insurers are rewriting crime policies in response to “whale phishing,” in which criminals fraudulently lure organizations into transferring money or surrendering important information: http://www.ambest.com/v.asp?v=phish515
- A.M. Best Panel Updates Capital Model Developments: A recent webinar where two senior members of A.M. Best’s Rating Division provided updates on changes to the agency’s capital model, known as Best’s Capital Adequacy Ratio (BCAR): http://www.ambest.com/v.asp?v=capmodel515.
- U.S. Wholesale Insurance Producers Flex Their Clout: Representatives from Lloyd’s and elsewhere said the American Association of Managing General Agents (AAMGA) members are major producers of business to the London-based insurance market. AAMGA leaders said they are bringing together insurance wholesalers in the United States and Canada: http://www.ambest.com/v.asp?v=aamga515.
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.
A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
