Insurance Marketing and the New Internet Technology

January 26, 2007 - Insurance professionals need to get up-to-speed on Internet technology. "They're still selling plenty of insurance the old paper-based way. But in the next few years, as the Web continues to develop, they could get left behind," Mike Wise, IdeaStar Vice President of Insurance Technologies said.

Mike recently attended the Professional Insurance Marketing Association (PIMA) Annual Meeting in Florida. He hosted a round-table discussion titled Web 2.0: Tapping Online Communities. While some insurance companies and individuals are taking full advantage of Web opportunities, many are not.  "It's a real challenge to get people up to speed on this," Mike said.

Web 2.0 is defined as a "perceived or proposed second generation of Internet-based services - such as social networking sites, wikis, and communication that emphasize online collaboration and sharing among others," according to Wikipedia.  "I was ready to talk about the use of podcasting, videocasting, and social networking to market insurance products, but the people in attendance seemed most interested in blogs," Mike said. "That's a great start.  Blogs are a great way to get a conversation going.  But there is a whole new world out there and there is so much more available."

Mike outlined several ways to promote an insurance product or service online, including the use of MySpace, blogs and podcasts, and the use of RSS feeds.

Wikipedia defines MySpace.com (or MySpace) as a "free service that uses the Internet for online communication through an interactive network of photos, weblogs, user profiles, e-mail, web forums, and groups, as well as other media formats. This all-inclusive service is sometimes called a social networking interface. MySpace is a very active site, and additions and new features are being added constantly."  Mike said one attendee thought MySpace was just for kids.  But if you take a look, you'll find people discussing insurance, presenting options, opening conversations for and about their products.

Blogs, podcasts, and even videocasts are becoming "everyday" methods of presenting information about your products and services. Mike has been blogging for over a year, podcasting for the past few months, and plans to start videocasting soon. "It’s just another way to keep clients and potential clients informed about what's new.  It also gives them a glimpse of who I am, and who they will be working with," Mike said.

RSS, or Really Simple Syndication, is a format for notifying subscribers of new content at a Web address.  What a fantastic tool for people who want to know about your particular subject, Mike said.

This is just the start of what we know about Web 2.0, Mike said. "If you ask me again what it is in two years, you’ll probably get a completely different answer.  But you’ve got to get in the game."

IdeaStar is an award-winning, full-service Web development firm which designs, programs, promotes and manages leading-edge Web sites and e-business applications for the insurance industry. For more information, contact Mike Wise, VP of Insurance Technologies, at 216-674-1600 ext. 116.