Social media helps brokers create engaging customer experience and competitive advantage

WATERLOO, ON, November 1, 2017 — Canadian P&C insurance brokerages prefer Facebook to communicate with customers and prospects, say 90% of respondents to a social media survey conducted this summer by Economical Insurance. 61% of respondents use LinkedIn and just over half share over Twitter.

These are some of the learnings from responses from nearly 300 insurance professionals in P&C brokerages across Canada about the use of social media in their companies.

The majority of brokerages surveyed acknowledge the value of social media in creating an engaging customer experience, and 85% of respondents agree that organizations with an engaging social media presence have a competitive advantage over those that don’t.

A key insight from the survey is an indication of the business objectives that drive social media activities by brokerages in Canada:

  • Generate new leads and sales: 79.5%
  • Build brand awareness: 75.9%
  • Engage with existing customers (e.g., provide customer service): 69.9%
  • Share industry expertise: 47.8%
  • Recruit new employees: 27.3%
  • Keep an eye on competitor activities: 24.1%
  • Not sure: 8%
  • Other: 1.6%

“Social media is helping change the way Canadian P&C insurance brokers engage with customers,” said Michael Shostak, Senior Vice-President and Chief Marketing Officer at Economical Insurance. “Brokers are using social media in a variety of ways, from generating new leads and sales, to providing customer service. But it’s early days and as an industry, we haven’t yet fully realized the potential of the medium. Our survey tells a story of an industry that desires change, yet lacks the time, resources, and knowledge to implement an effective social media strategy.”

“Most brokers recognize there’s value in having a strong social media presence,” said Naheed Somji, Senior Social Media Specialist at Economical Insurance. “The top spenders agree that an engaging social presence gives an organization a greater competitive advantage.”

To download the report of the survey results, go to 2017 Pulse Check: Social Media Usage in the Canadian Insurance Industry.

About Economical Insurance

Founded in 1871, Economical is one of Canada’s leading property and casualty insurers, with more than $2.2 billion in annualized premium volume and more than $5.5 billion in assets as at June 30, 2017. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial, and Family Insurance Solutions.

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