Swiss insurers are social media muffleurs
Many Swiss insurance companies are barely active on social media platforms. This is shown by a study from the Lucerne University of Applied Sciences and Arts, which analyzed technology trends in the industry.
None of the companies surveyed were able to attract attention with above-average performance. Two well-known companies performed best in the ranking.
Traditional industry, digitalized target group
For the more traditional insurance industry, advancing digitalization poses a number of challenges - especially when dealing with younger customer groups who have grown up in the digitalized world. Their needs differ significantly from those of the existing group of policyholders.
An important aspect of this is communication on social networks. With the IFZ Social Media Barometer a research team from the Lucerne University of Applied Sciences and Arts shows for the first time how well Swiss insurers are doing on social media platforms. The Social Media Barometer is part of the IFZ Insurance Study 2020, which sheds light on the insurance market in Switzerland.
Various platforms are used
On average, the insurance companies surveyed use four platforms for their social media activities. They are most present on Facebook, LinkedIn, YouTube and Instagram. In terms of the number of followers, Facebook and LinkedIn are the most important channels for insurers.
The companies' social media efforts result in an average of 28 posts per month across all platforms, which generate 413 likes and are commented on 1.6 times. The average Swiss insurer has 42,540 followers.
"We were surprised that most companies posted exactly the same content on the different platforms," says Florian Schreiber, author of the study and lecturer at the Institute of Financial Services at Lucerne University of Applied Sciences and Arts. According to Schreiber, target group-specific communication on the various channels is important in order to appeal to younger customer groups in particular.
Less than half of all insurers present on social media
The evaluation of social media activities has shown that no insurance company has succeeded in achieving above-average performance in all the criteria examined. A total of 29 insurance groups have their own social media profiles - that is less than half of all companies in the sector.
And which insurance companies came out on top in the ranking? The health insurers are in the lead. "Due to their large presence in the retail business, they probably have a stronger focus on younger target groups than life and non-life insurers," says Florian Schreiber.
However, the size of the insurer has no significant influence on its position in the ranking. "Companies with lower premium income tend to be even more successful in achieving comparatively high reach with their posts," says the author of the study.
SWICA and Zurich swing out on top
SWICA performed best among health insurers. Among life and non-life insurers, Zurich achieved the best social media performance in the period under review at the end of 2019.
Top 5 among health insurers:
- SWICA health organization
- Helsana Ltd.
- ÖKK Holding AG
- Sympany Foundation
- Groupe Mutuel Holding
Top 5 among life and non-life insurers:
- Zurich Insurance Group
- Allianz Suisse
- SC, Swisscaution SA
- AXA Switzerland
- Generali (Switzerland) Holding
