A new LIMRA survey finds that 93 percent of life insurance companies had social media programs in place in 2013, up 55 percent from 2010 (when only 60 percent of companies used social media).
More than three quarters of companies report having social media programs targeted at the public (77 percent); while 7 in 10 have programs supporting financial professionals' use of social media. One in five companies says it plans to launch social media programs to reach these audiences this year.
According to LIMRA's annual survey, LinkedIn and Facebook are the most widely used social media platforms, with 98 percent of companies having a presence on LinkedIn and 93 percent on Facebook. Other sites, such as Twitter, Google+, YouTube, Pinterest and Instagram, have also seen growth (see chart).
While compliance concerns topped the list of challenges in 2013 (68 percent), it is far lower than what was reported in 2010, when 9 in 10 insurers cited compliance concerns as their biggest worry. However, more tactical concerns, such as staffing, funding, and getting executive-level support, are becoming more common.
For more information, visit LIMRA at www.limra.com.