The Deja Vu of Life Insurance Trends

By Jay Sedmak
SNPJ Publications Editor/Manager

Just last week I read an interesting column devoted to the newest online trends in the life insurance industry. One of the case studies included in the column focused on a commercial life insurance company that will soon be partnering with Facebook in a bid to stay “ahead of the competition and [redefine] the customer experience.”

The social media network is an interesting and personally interactive medium for conducting business nowadays. And let’s face it, the life insurance industry is neither terribly interesting nor particularly interactive no matter how you look at it, so drawing consumers in by partnering with Facebook, the world’s leading social media platform – at present, anyway – makes a lot of sense from a marketing standpoint. The sheer potential of attracting more new customers and further engaging current policy-holders via a dominant social media network has been touted as a game-changing experience in the life insurance industry, and justifiably so, considering the level of success similar consumer-driven industries have enjoyed by simply maintaining an active presence on Facebook, Twitter, Pinterest, etc.

This word-of-mouth case study – word of mouth is the exact function of social media as a business dynamic – started me thinking about SNPJ and fraternal benefit societies in general. Yes, fraternals now engage their members through social media networks, but all fraternals have been doing business word-of-mouth for many, many years.

Here at SNPJ, our grassroots marketing started 110 years ago, and it continues to this very day. SNPJ members share their experience of interactions with our fraternal benefit society on a daily basis, enticing family and friends to join SNPJ not only for our affordable life insurance products, but for the extra “fraternal benefits” that we offer. Those benefits include athletic tournaments, cultural activities, social events... the list goes on and on. All of these fraternal benefits generate discussion about SNPJ; in particular, about how SNPJ members enjoy receiving the “perks” of their membership.

In essence, SNPJ has its own game-changer in the insurance industry. We call our game-changer a fraternal benefit, and we’ve offered the majority of these benefits for many years. The word-of-mouth social media marketing strategy may be a revelation to commercial insurers, but it’s really a way of life for SNPJ members. As Yogi Berra might remark of this newest life insurance marketing trend in light of SNPJ’s extensive history, “It’s like déjà vu all over again.”

We hope you’ll stay connected with SNPJ through Facebook and through our blog, but even more importantly, we enjoy seeing SNPJ members taking advantage of our Society’s fraternal benefits, experiencing the many programs we offer throughout the year, to keep in close contact with fellow members and help spread the word about SNPJ. To borrow a line from SNPJ Fraternal Director Kevin Richards, “We’ll see you at a fraternal event soon!”

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