5 things Lloyd’s insurers should be tweeting about, but aren’t.

Apr 22, 2016

In our January newsletter we explored why more London insurers aren’t using social media. In fact, only 37% of Lloyd’s Syndicates and Managing Agents maintain an active London managed Twitter account, while 10% do not have any social media presence at all. Some Syndicates have Twitter accounts created more than six years ago, however, despite having over a hundred followers, have never posted a tweet.

So how should London insurers use Twitter? What should they tweet about? When looking for best practice, we looked first to Lloyd’s and the London Market. A closer look at the type of content posted by the top 20 syndicates by Twitter follower base (including Lloyd’s account) shows that Lloyd’s also leads in terms of the number of retweets and favourites. In fact, Lloyd’s itself dominates the social media space with its Twitter page followed by as many followers as top seven syndicates combined and LinkedIn page having as many followers as top five syndicates combined.

So is there anything that London insurers can learn from Lloyd’s when it comes to tweeting? Well, the main topics that resonate the most with the Lloyd’s of London community on Twitter are: 

#1   Events: tweets about past and future events organised by the insurer or attendance announcements of industry events; 

#1   Charitable causes: tweets in support for charitable causes and fundraising initiatives;

#2   Public appearances: tweets about senior employees appearing in press, participating in industry round tables and panel discussions;   

#3   Company news: tweets about new blogs and thought leadership, HR announcements, occasion related company news, e.g. 2 minutes silence for #ArmisticeDay at Lloyd’s.

#4   Insurance products: tweets about specific or unique risks covers.

Interestingly, there is only one Twitter handle that represents a Lloyd’s agent’s claims team. Moreover, that team has four times more followers than their colleagues on the underwriting side. Should claims teams utilise social media to communicate the value of their claims service? Perhaps it is a question worth asking. As more and more claims teams in the market develop their claims propositions and seek better ways of communicating with brokers and clients, we might see Lloyd’s insurers being more active and engaging on Twitter and other platforms.                       

Alexandra Kuzmina, Research analyst at Gracechurch Consulting 

 

Notes:

  • This report reviews social media presence of active Syndicates and Managing Agents at Lloyd’s of London in 2016.
  • 108 Lloyd’s Syndicates and Managing Agents are listed as active in 2016[1]. For the purpose of this study social media presence of 58 unique Syndicate or Managing Agent names and Lloyd’s of London itself have been analysed.
  • Data collected from publicly available official insurers' accounts on Twitter.com and LinkedIn.com on 25 February 2016.
  • Only London based social media accounts have been included in the analysis.
  • Top tweets were sourced on 29 February 2016 via www.mytoptweet.com, a free online tool which allows users to analyse any Twitter account to show their most popular tweets. Thematic analysis technique was applied to identify patters in the social media content.  


[1] List of active Syndicates and Managing Agents at Lloyd’s of London in 2016 (108). Year of Account 2016 - List of Active Syndicates & Managing Agents