Will Social Networks Sell Insurance?

The research firm Gartner recently published a business development analysis which looked into social networks’ need for a sound revenue stream, and came to the conclusion that to maintain viability and competitiveness, these platforms will soon enter the financial services industry. One Gartner analyst, Juergen Weiss said, “Offering insurance products to their communities would be a natural extension of social media providers’ financial services strategies and would allow them to capitalize on their extensive set of information they constantly collect about their users.”

face to face relationships
face to face relationships

Free image courtesy of FreeDigitalPhotos.net

Insurance is changing. It was not that long ago that we called travel agents to book flights and business trips. People can get insurance quotes for life, auto, and home through websites. Most young people are not hanging out at the local country club or lunch counters with insurance agents.

Insurance agents need to know how to engage clients and prospective clients online because that’s where they network and transact business. But you should never lose your appreciation for building and nurturing personal face-to-face relationships. Doing so puts you at risk of being disintermediated—whether by another agent or a computer.

Steve Anderson provides information to insurance agents about how they can use technology to increase revenue and/or reduce expenses. He speaks professionally to hundreds of agents each year on the future of technology, the social web, and how insurance agencies can establish their Internet presence.

Please note: I reserve the right to delete comments that are offensive or off-topic.

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One thought on “Will Social Networks Sell Insurance?

  1. Great post Steve. I love, love, love digital marketing and social media. That being said, I think a face to face meeting will always be vital. Combining traditional methods with new technology can create awesome results.