Instagram and TikTok are platforms where frequent and regular posting are normal, particularly for younger demographics. Some life insurers have taken advantage to produce consistent flows of marketing content targeting Millennials and Gen Z. However, life insurers adopt a variety of different strategies when it comes to curating their respective presences on social media.
Top life insurance companies have come to adopt some marketing presence on social media platforms, with Facebook, Twitter and LinkedIn accounts being the most popular. Meanwhile, YouTube and Instagram have also been adopted by several of the biggest life insurers. And over the past two years, some life insurers have turned to TikTok as the latest stage for social media marketing.
General Brand and Product Marketing Occurs on Instagram
Some life insurers use Instagram and TikTok mainly to maintain their brand, highlight brand initiatives and mention individual product offerings.
This strategy is most common among large life insurers—Brighthouse Financial, Equitable, Guardian, MassMutual, New York Life and Pacific Life—and multi-product financial services firms with life insurance product offerings—John Hancock, Lincoln Financial Group, Principal, Prudential and USAA. Haven Life also employs this strategy.
Although this may be effective for communicating high level brand values and showcasing products to users who go out of their way to visit insurer’s page, firms that adopt this strategy do not make major attempts to connect with users on their own feeds.
Widely Recognized Brand Campaigns Appear on Both Platforms
Other large life insurers, such as Nationwide and State Farm have leveraged Instagram and TikTok as new platforms to extend existing brand marketing campaigns to Millennials and Gen Z.
- Nationwide has an established Instagram presence that mainly focuses on simple brand maintenance and several of their national brand campaigns that include the NFL Walter Payton Man of the Year Award and commercial spots with celebrity spokespeople, Brad Paisley and Peyton Manning and E.R.
- The company began its official TikTok presence in February 2023
- State Farm’s established Instagram presence also focuses on simple brand maintenance in addition to the company’s “Jake from State Farm” campaign
- Its TikTok presence began in November 2021 and exclusively promotes the “Jake from State Farm” brand campaign
Insurtechs Leverage Content Creator Partnerships Differently than Traditional Companies
Life insurers partner with individual content creators on both Instagram and TikTok to achieve different objectives. While traditional insurers and multi-product financial services companies partner with content creators on brand and product promotion, insurtechs additionally focus on directing users to apply for coverage. While brand and product promotion are for both Instagram and TikTok, the practice of redirecting users to an online application mainly takes place on TikTok. On TikTok, content creators will promote the product offering and provide a personal application link for their viewers.
- Bestow does not operate an official TikTok page but has partnered with individual content creators to distribute coverage
- Ethos’s official TikTok page only features three posts but the firm has partnered with individual content creators—including independent life insurance agents—to distribute coverage
- Ladder operates a robust TikTok page with brand promotional content, brand campaigns—such as “Life with Ladder”—and content creator partnerships that help distribute coverage
- Nationwide partnered with several individual content creators on their “Parent Tips” campaign where creators share parenting advice. They also have engaged in one-off partnerships with individual creators to make brand promotional content
- Northwestern Mutual promotes its financial advisory services throughout its Instagram and TikTok pages with video posts of general financial advice
- Partnerships with individual content creators help promote the brand and its focus on financial planning
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