21 items | 10 visits
This is a list of resources from the Social Media Workshop at the 2010 ACIB Convention at the Delta in St. John's, 1 Oct.
Updated on Oct 03, 10
Created on Sep 29, 10
Category: Business & Finance
URL:
Comprehensive article about Canadian insurance and social media, how to leverage it, track success and examples of what Canadian Brokers are doing with social media.
a) A subsection of this article talks about “Canadian Brokers and Social Media”:
i) This whole part of the article is very interesting and you should read it all. Some of the subsections key points are:
(1) The old mass media model
(2) Social Media as a new tool
(3) Attracting Clients and Prospects
(4) Lead Generation
(5) Cost effective method for growth
(6) Referrals and soft-leads
(7) Business social networking: LinkedIn
(8) Social Media being used for client service
(9) Recruitment
Ideas for using social media effectively within a regulated environment.
Use of social networks in Insurance, future trends and non-life insurance social media stats for US and UK
Summer 2010: Download a report that covers:
Making Sense of Social Media Tools; Social Media Opportunities; Risks and Challenges; Social Media and Company Policies; Return on Investment; Moving to the Future with Social media
Opportunity for insurance to create products that protect against a new kind of risk.
Facebook Page for Social Media Management for the Insurance Industry.
Very useful ideas for brokers and agents: topics to be used on Twitter.
a) This article is about privacy issues surrounding using Social Media to discover client’s habits:
i) “Insurance companies could monitor customers - and make underwriting decisions based on their behavior. For instance, checking into bars four times a week could yield a 10% increase in a premium. Pictures posted or texts sent while clearly driving would translate into an increase in car insurance.”
a) This article is about how insurance companies use social media data to influence their rates
i) Ways insurance companies use social media data to influence rates:
(1) “Monitor and glean intelligence”
(2) “Penalize ill-behavior”
(3) “Reward members with pro-wellness activity”
ii) Ways the data may be flawed
(1) “The data may not be accurate”
(2) “The data could be gamed”
(3) “Members will clam up to evade the ’stick’”
(4) “Legal implications unexplored”
b) This article is about an association that exists to help insurance companies ease into social media usage.
i) “The Insurance Marketplace Standards Association (IMSA) today announced that it has expanded its efforts to provide compliant social media guidance and resources with a new initiative to develop supervision and monitoring guidelines for social media use.”
ii) “Social media monitoring and testing guidance that can be incorporated into an insurance company's supervisory programs is an important step in the adoption of social media policies and procedures”
iii) “’Now that the insurance industry has accepted the 'what' of social media,’ said Brian Atchinson, IMSA President and CEO, ‘it is every company's responsibility to embrace the 'how' of its management to ensure a sound compliance infrastructure in the face of advancing technology.’”
iv) “Future plans include the creation of an IMSA Social Media Training Program for both insurance company staff and company selling partners.”
a) The last section of this article talks about Privacy risks for insurance companies and social media:
i) “Social networking sites are not private. Allowing consumers to use social networking sites to submit information related to insurance transactions should also raise privacy and data security concerns.”
ii) If a consumer submits personal information to an insurance company or agent in conjunction with an insurance transaction, does the company or agent have a duty to limit public access to that information? How is the security of that data protected when the company or the agent is not the host of the site?
iii) It may turn out that in those situations the consumer will be deemed to have voluntarily released his or her information to a public site with no expectation of privacy, but this has yet to be determined by regulators.
a) This article is about Insurance Companies using social media to fight claims.
i) “The first thing the insurance lawyers will do in court is to ask plaintiffs if they have Facebook accounts and demand a court order to review those account — even if you have always had your privacy settings configured to be not searchable by Google or other services. And if somehow they find out that you are on Facebook and you said no, chances are your lawsuit against the insurance company may fail. And so the game begins. The lawyers will have access to everything about you; your friends are also now exposed and may be questioned about your online habits what you are doing online, personal messages are read and now your friend’s privacy is also vulnerable - even if you have never met them in person.”
ii) “Her insurer, Royal & Sun Alliance Insurance Co. of Canada, looking for evidence that might contradict her story, went to a Brampton, Ont., courtroom last summer. Without her knowledge, Royal & Sun asked a judge to order that she preserve the contents and photos on her Facebook page, and then hand them over, including the parts of her page was set to “private” that could only be viewed by her 67 approved friends.”
iii) “In October, Mr. Justice David Price denied the insurer’s request, ruling that Royal & Sun had failed to prove the page included relevant material, such as photos showing Ms. Schuster engaged in physical activities.”
iv) “‘There are many good reasons unrelated to litigation that people may have to withdraw documents from their friends’ view’ the judge writes. ‘Their right to do so should not be lightly interfered with.’”
a) This article is about how insurance companies fight for greater access to online data that might prove plaintiffs aren't as helpless as they claim to be. Is directly related to the link I have pasted above.
i) “In Ms. Schuster's case, the judge's decision scolds the insurer's lawyers for failing to ask the plaintiff to produce her Facebook page as part of her sworn affidavit, or to bring up Facebook in her cross-examination. According to the written decision, Royal & Sun only learned of the existence of a Facebook account after they hired a private investigator. But Judge Price decided to cut the insurer some slack, allowing its lawyer to cross-examine Ms. Schuster again because ‘Facebook is a relatively recent phenomenon and the disclosure obligations and remedies are still being articulated in relation to it.’”
a) This article focuses on a woman’s story about losing her insurance coverage because of the insurer looking at her Facebook photos
i) “She said her insurance agent described several pictures Blanchard posted on the popular social networking site, including ones showing her having a good time at a Chippendales bar show, at her birthday party and on a sun holiday — evidence that she is no longer depressed, Manulife said.”
ii) “Her lawyer Tom Lavin said Manulife's investigation was inappropriate.”
b) “Manulife wouldn't comment on Blanchard's case, but in a written statement sent to CBC News, the insurer said: ‘We would not deny or terminate a valid claim solely based on information published on websites such as Facebook.’ It confirmed that it uses the popular social networking site to investigate clients”
a) This article talks about how social media can cause insurance premium increases. Specifically, it talks about Social Media letting the general public know when you are and are not home, increasing the likelihood of your house being broken into.
i) “Darren Black, the head of home insurance at Confused.com, said: ‘I wouldn’t be surprised if, as social media grow in popularity and more location-based applications come to fore, insurance providers consider these in their pricing of an individual’s risk. We could see rises of up to 10pc for people who use these sites. Criminals are becoming increasingly sophisticated in their information gathering, even using Google Earth and Street view to plan their burglaries with military precision. Insurance providers are starting to take this into account when they are assessing claims and we may in future see insurers declining claims if they believe the customer was negligent.’”
ii) “Social media use in itself should not automatically raise premiums, but insurance companies could take it into consideration, and possibly provide information and tips to consumers on how to make their privacy issues more secure and address any shortcomings from their personal situations.”
a) This article talks about how Insurance providers can decrease the risk of bringing in clients who may be high risk:
i) “it’s well suited to storytelling and sharing of experiences. Ratings and reviews have the potential to be an especially powerful tool for the insurance industry.”
ii) “The insurance industry has another opportunity – using social media as part of the actuarial process. Insurance firms prefer to cover people who are less likely to claim. Social media may provide ways of helping to qualify in or out some people.”
iii) “Have a look at Please Rob Me. A site that aggregates people’s check-ins on Foursquare and their GoogleBuzz locations to tell you who is away from home.
A list of the most popular social networking sites by estimated unique monthly visitors
A video discussion about brokers grappling with IT requirements and realizing the urgency of using Social Media
Atlantic Canada Insurance Broker Convention 2010 in St. John's NewfoundlandLabrador
Good example of a blog that provides tips for disaster preparedness and recovery. Nibby Priest, an agent in Henderson KY used Facebook and Twitter to communicate with customers during an ice storm. Claimes were actually submitted over Facebook.
21 items | 10 visits
This is a list of resources from the Social Media Workshop at the 2010 ACIB Convention at the Delta in St. John's, 1 Oct.
Updated on Oct 03, 10
Created on Sep 29, 10
Category: Business & Finance
URL: