This article was written by Mark Westin, Manager, Communications and Interactive Media, ACORD and has been reproduced with his permission.

At this point in 2011, you probably know a little bit about social media, unless you've recently returned from a multi-year solo Arctic expedition, awakened from a suspended-animation experiment gone wrong, or you work in the insurance industry. Much of our notoriously-slow-to-change corner of the universe is just now beginning to hear the same pitter-patter of little tweets that the rest of the modern world embraced in, oh, 2006 or so.

 

And once enlightened, what has been the first response to this phenomenon by many among the insuring masses? Dismissal, ridicule, or at best a wait-and-see attitude.

Go ahead, wait and see. The longer you wait, the more you'll see how much farther behind you are at whatever point you decide to get in the game. Yes, I've heard all the common excuses: it's for kids; it takes too much time; it has no value. Knowing "a little bit" about social media can be dangerous. Let's address these concerns one by one.

 

It's for kids
According to Ignite Social Media's 2011 report:
•    The largest age group on Facebook is 45-54 year olds, representing approximately 26% of all Facebook users
•    25-34 year olds represent about 24%
•    35-44 year olds represent about 22%
Combined, that's about 72% grownups. 18-24 year olds (the "kids" it's supposed to be for) come in around 11%.

It's also worth noting that:
•    More than 30% of Facebook users earn salaries of 50-75k
•    About 20% earn between 75k-150+k
Twitter users fall into an almost identical demographic pattern. If you're in the business of selling any kind of product, shouldn't you be connecting with these folks?

It takes too much time
Let's say you have a debilitating illness and your doctor tells you the cure is to eat six apples a day. Do you tell her, "I can't, it takes too much time"? Of course not; it's your health, so you find the time. Are you serious about the health of your business? If so, then using social media is not a chore; it's a necessary part of your lifestyle.
 
It has no value
As Twitter founder Biz Stone pointed out in his keynote address at the recent ACORD LOMA Insurance Systems Forum, Twitter was a primary source for news of the recent revolutions and major societal shifts in Iran, Egypt and the Middle East. The people in those regions needed to get news and information to the world, and Twitter was a channel that allowed them to do it. They used social media as a communications tool because their very lives depended on it.

Obviously, there's a big difference between letting the world know you're overthrowing a government and letting your clients know you're underwriting a policy. But doesn't your life depend on the success of your business? In today's tough economy, I bet that for many in our industry, that's a yes.

It's about passion
Social media isn't about the physical act of tweeting or Facebooking, or jumping on a bandwagon with no real strategy or goals. It's about passion. When you've got passion for your area of expertise and you're driven to share it for the benefit of others, social media becomes a valuable tool for self-expression.

As for coming up with compelling content for your postings - ask yourself what you're passionate about. If your day job doesn't always inspire you, that's fine. By posting about things that interest you as a person, even if they're not work-related, you're showing your personality. That human factor is a major key to success in both social media and business relationships - because it builds trust.

If we're going to do business together, I need to know you're credible and reliable. Posting about your interests via social media paints a picture; it shows me you're a real human being first, so when you post about your company later, I will pay attention. Having seen a bit of your personal passion, I will trust that you're equally committed to your work.

 

 

ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit standards development organization whose members work together to improve the flow of insurance information between systems and partners.  ACORD Standards and services improve data quality and transparency, resulting in greater efficiency and expanded market reach.