So who’s your social media “go-to” influencer? KSI? Logan Paul? Huda Kattan?
If your answer to the above was: “who, who and who?”, then you might just be missing a trick – because it seems the surge in internet celebrities is having an impact on the insurance sphere.
A newly released study by Forbes Advisor shows that nearly one in 10 people who have picked up private life insurance have done so because they heard about it on social media. Unsurprisingly, it is the 18-24 year-old age group most likely to be “influenced” – around 16% of that age group have taken out a policy because they heard about it from a social media influencer.
Before any insurers reading take out that advertising deal with their TikTok, Instagram or Threads favourites, it should be noted that the social media influence on insurance hasn’t exactly usurped more traditional means. The study by Forbes Advisor, still noted the most common way people hear about an insurance policy is through a financial professional – around 36% - so yes, brokers should still be top of your list. Friends and family took second spot, while comparison websites came in third.
Still Kevin Pratt, life insurance expert at the firm, was keen to highlight that new avenues should be considered.
“Contemplating the aftermath of your death on those you leave behind is hardly a cheery subject to consider,” he said. “This makes it all the more interesting that some insurers are able to leverage social media to reach a younger audience, even if those numbers are relatively low at the moment.
“Reaching new audiences and customers is important, but insurance providers should make sure they are presenting them with all the necessary information up front. Social media is fast-moving and can be superficial in its treatment of complex topics, so it is beholden on insurers not to gloss over the intricacies and implications of their products when they expose them to the market, whatever the channel.”
The study also delved into the reasons why people take out life insurance in the first place.
Top of the list – for around 38% - was that while they do not expect anything to happen to them, they are being cautious. Meanwhile, 30% take out cover when they become parents, and 21% picked it up as a requirement with their mortgage.
What do you think of using social media influencers to advertise insurance products? Leave a comment below with your thoughts.
