Kip Gregory presented at a conference on how social media is impacting the insurance industry. He discussed how social networking sites like LinkedIn allow agents to better manage relationships, identify business opportunities, and control referrals. Gregory argued that companies should support agents in adopting social media rather than restricting access. He also noted that many compliance and risk management professionals have yet to understand how social media works and how it can benefit their organizations.

1. The Social Media are Here. Are You Ready?
Gregory Group
presented by
Kip Gregory, Principal of The Gregory Group
LIMRA/LOMA 2010 Compliance & Market Conduct Exchange
March 25, 2010
Orlando, FL
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 2

2. © 2010 Kip Gregory. All Rights Reserved.
The following presentation was delivered at the LIMRA/LOMA 2010 Compliance and
Market Conduct Exchange Conference in Orlando, FL.
Kip Gregory was one of four panelists to address an audience of compliance and risk
management professionals from across the insurance industry about the impact of
social media on traditional distribution of life insurance.
Kip’s remarks focused on how and why current social networking sites such as
The Gregory Group
LinkedIn represent a significant breakthrough in the way insurance agents manage
relationships, identify business development opportunities, and control the referral
process—and what corporate risk managers should be doing right now to support and
lead their organizations on the compliant adoption of this new technology.
Please contact Kip at the phone number or email below with questions about this
material or to discuss how The Gregory Group can help your organization successfully
incorporate social networking into your existing distribution efforts.
Thank you.
(202) 364‐6913
kip@gregory‐group.com
March 30, 2010
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 3

3. Seize the Moment
• Understand the business purpose
• Climb the learning curve
The Gregory Group
• Demonstrate thought leadership
• Support, don’t stifle
• Recast the compliance/distribution relationship
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 4

4. 3 Ways Social Networking Accelerates Selling Success
• Puts you in control of the referral process
• Improves your branding
The Gregory Group
• Helps uncover hidden connections to prospects
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 5

5. What Drives Sales?
• An agent/advisor’s best source of new business is…
– Advertising
– Cold calls
The Gregory Group
– Direct mail
– The Internet
– Referrals
– Seminars
– Other
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 6

6. What Drives Referrals?
• Most referrals and introductions start with…
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 7

7. The Pipeline Paradox
• Referrals drive growth
• Asking feels awkward
The Gregory Group
• Opportunities missed
• Business goes elsewhere
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 8

8. The Gregory Group
9

9. The Gregory Group
10

10. The Gregory Group
11

11. The Gregory Group
12

12. Who do you
know…?
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 13

13. Who do you
Hmm… who
DO I know? know…?
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 14

14. The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 15

15. I wonder who
he knows…
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 16

16. X
X X
X
The Gregory Group
X X
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 17

17. Networking Your Way to New Clients
“I’ve put together a short list of folks I think you
The Gregory Group
know and wondered if you’d help me identify who
might be worth talking to first?”
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 18

18. The Gregory Group

19. The Gregory Group
20

20. The Gregory Group
21

21. The Gregory Group
22

22. Improve Your Branding
How easy is it for others to find the “you” that you want them to see?
The Gregory Group
kip gregory
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 23

23. Improve Your Branding
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 24

24. Improve Your Branding
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 25

25. The Gregory Group
26

26. Uncover Hidden Connections to Prospects
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 27

27. The Gregory Group
28

28. The Gregory Group
29

29. The Gregory Group
30

30. The Gregory Group
31

31. The Gregory Group
32

32. P
The Gregory Group
33

33. http://www.linkedin.com
The Gregory Group
34

34. The Gregory Group
35

35. david cole orlando
The Gregory Group
36

36. The Gregory Group
37

37. P
?
The Gregory Group
C
38

38. Gain Insight through People You Know
“I just read an article about someone I think you’re
The Gregory Group
acquainted with and wanted to get your advice on
the best way to approach them…”
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 39

39. Develop Your Pipeline
The Gregory Group
Who owns—or runs—a company that employs 50 or
more people and is within 25 miles of Orlando?
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 40

40. The Gregory Group
41

41. Develop Your Pipeline
• Search criteria
– Title: ceo OR owner (current)
– Location: United States
The Gregory Group
– Postal Code: 32801 (Orlando, FL)
– Within: 25 miles
– Company Size: 51‐1000+
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 42

42. The Gregory Group
43

43. The Gregory Group
44

44. The Gregory Group
45

45. The Gregory Group
46

46. The Gregory Group
47

47. Climb the Learning Curve
The Gregory Group
How do you get from here… to there?
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 48

48. Climb the Learning Curve
Apply
Knowledge
Develop
The Gregory Group
Become
Aware
Skills
How do you get from here… to there?
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 49

49. Climb the Learning Curve
1. Profile(s)
2. Network
3. Usage
4.
The Gregory Group
Knowledge
5. Benefit
6. Credibility
7. Leadership
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 50

50. The Hierarchy of Social Media Issues
Utilization Harnessing the power
The Gregory Group
Supervision Managing the risk
Regulation Defining the ground rules
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 51

51. The Hierarchy of Social Media Issues
Utilization Education
The Gregory Group
Supervision Systems
Regulation Rules
Solutions require cross‐functional engagement
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 52

52. Opportunity vs. Risk
The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 53

53. Opportunity vs. Risk
The Gregory Group
Is blocking access an effective deterrent…?
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 54

54. “financial advisor”
“merrill lynch”
The Gregory Group
55

55. “financial advisor”
“merrill lynch”
The Gregory Group
56

56. The Gregory Group
57

57. Presence on LinkedIn Today
Firm # of Profiles
• Merrill Lynch 5,944
• Company A 6,785
The Gregory Group
• Company B 3,877
• Company C 2,746
• Company D 1,571
All “financial advisors” and “agents” 108,367
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 58

58. 7 Questions People Aren’t Asking—but Should Be
• Who among our agents already participate actively in
LinkedIn and other sites? How are they benefitting?
• How high a corporate priority is it for our organization
The Gregory Group
to find a solution to the compliance oversight issues?
• What areas of the company do we need to bring
together to formulate/refine a social media strategy?
• How are other firms in financial services and other
industries dealing with the risk management issues?
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 59

59. 7 Questions People Aren’t Asking—but Should Be
• How many people on our leadership team have a
profile on LinkedIn, Facebook, or Twitter, use them
regularly, and understand how they work?
The Gregory Group
• What do we need to do as a company/department to
help our agents take (greater) advantage of social
media to support their selling efforts?
• What’s the (opportunity) cost of doing nothing?
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 60

60. The Gregory Group
61

61. The Gregory Group
62

62. The Gregory Group
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 63

63. Ways The Gregory Group Can Help
• Facilitate dialogue
• Formulate and implement strategy
The Gregory Group
• Educate and train
• Coach and mentor
• Design and deliver value‐added content
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 64

64. To Learn More…
Contact us:
Kip Gregory
The Gregory Group
Principal, The Gregory Group
4425 Warren St NW
Washington, DC 20016
202‐364‐6913
kip@gregory‐group.com
www.kipgregory.com
© 2010, Kip Gregory—The Gregory Group. All Rights Reserved. 65