Social media essential for life insurance and financial companies

Nov 18, 2010

Facebook, and other social networking sites, are essential for life insurance companies and other businesses, according to a marketing expert.

Financial professionals and companies, including those that provide life insurance, may find benefits in taking part in social media outlets such as Twitter and Facebook.

During a seminar held in September by LIMRA and LOMA, Kip Gregory, principal at a marketing firm that bears his name, noted companies must opt in to social media connections with consumers in order to remain competitive.

"Social media is the bullet train that has left the station," Gregory said during the seminar. "With Facebook, Twitter, and LinkedIn membership at 800 million accounts and growing, participation isn't optional."

Many organizations have set up social media sites, where they can interact with current and potential customers. Along with gaining information about the company, consumers may benefit from discounted offers made available.

The government is getting involved as well. The California Department of Insurance set up its own Twitter account, which provides people in the state with fraud alerts and other information.

Using the internet in general may benefit consumers when they shop for products like life insurance. Doing so can allow them to compare offers and get the best deal.

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