LV= boss O'Roarke: 'Forget social media at your peril'

LV= chief executive John O’Roarke believes social media will transform customer relationships and insurers would be unwise to ignore its strengths.

He said LV= had invested in social media because of its power to respond to thousands of customers at a stroke.

O’Roarke said he was learning from US firms, which quickly responded to customer complaints on Twitter, meaning potentially hundreds or thousands of Twitter followers could view their response.

“I think social media will lead to greater accountability and transparency for the industry and it will be a positive thing,” he told the audience at the ABI’s Motor Conference 2011 in London today.