WIN Magazine - Winter 2013 - (Page 28)
BY ROD HUGHES
F YOU THINK social
media isn't important to
your business, it's time to
Last summer, just
one blog post-and a
misguided attempt to respond to
criticism on Facebook and Twitter-
changed forever the public perception
of an insurance carrier well known
to the public.
The controversy stemmed from
an auto accident in 2010 that killed
a driver insured by Progressive.
After protracted negotiations by the
family with Progressive and some
legal maneuvering, the deceased
insured's brother turned to his personal blog to detail his perspective on
Progressive's handling of the claim.
A social media firestorm ensued.
The general public took to Facebook
and Twitter to criticize Progressive.
Adding insult to injury, Progressive
issued a measured-and very corporate-response that was repeated
several times, further fanning the
flames of public outrage. It also did
not help that the smiling image of
Progressive's corporate advertising
spokesperson "Flo" appeared on
the Tweets the insurer sent. At the
time of this writing, the vitriol is
still directed toward Progressive on
Facebook and Twitter as a result of
Establishing an online presence
invites both opportunities and challenges. However, some companies
believe if they don't engage in social
media they are somehow protecting
the reputations of their businesses.
This is a mistaken belief.
Social media is constant, evolving
and increasingly the place where consumers turn for information, evaluation and criticism. Even if your
wholesale insurance agency, brokerage or insurance company isn't proactively engaged in social media, it's
quite likely you are being talked about
online. And according to a survey
2 8 | v i e w t h i s i s s u e a t | www.aamgawin.org
by LocalResults.com, 60 percent of
consumers say online ratings and
reviews are important when they
research a product or service.
The reputation of a business no
longer rests primarily in the hands
of the owners, managers or employees. Thanks to social media, consumers are controlling and shaping the
reputations of millions of businesses
large and small every day. Consumers
use social media to research, review,
compliment and castigate businesses
on a broad range of issues. As such,
entrepreneurs and managers must
be proactive if they are to play a role
in shaping their agency or company
brand reputations, as well as to mitigate any damage from disgruntled
But if your reputation is in the
hands of customers, what can you,
the owner or manager, do to exercise
some control? There are five steps
you can take to both protect and
enhance your brand's reputation.
Table of Contents for the Digital Edition of WIN Magazine - Winter 2013
Disappearing…and Reappearing Risk: What Lies Ahead
An Innovative Solution for Reducing the Debt of College RMI Students
Does Politics Influence Regulatory Forebearance?
Predictive Analytics: The “Black Box” Used by Savvy Insurance Professionals
Just the Facts—On FATCA: Frequently Asked Questions on the Foreign Assets Tax Compliance Act
Your Reputation Matters, Online and Off
New Wholesale Insurance Product Focus: Protection from Hacked Bank Accounts: Protecting Small Business Policyholders
In the WIN-ner’s Circle
Index to Advertisers/ Advertisers.com
WIN Magazine - Winter 2013
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