Home / Blog / November 2014 / Financial Insurers and Social Media

Financial Insurers and Social Media - An Effective Way to Communicate and Comply

12/11/14 - Written by Debra Leibowitz, Sales Executive, Integritie

For the last 25 years, Debra Leibowitz, Regional Sales Manager at Integritie has enabled Financial Service and Insurance organizations to better leverage, manage, and control Enterprise Wide Content throughout the entire content lifecycle from creation to retirement. Additionally, Ms. Leibowitz has enabled her clients to analyze enterprise content for the purpose of making informed strategic business decisions by providing best of breed solutions.

The use of social media is growing exponentially worldwide. With this said the following statistics are not unexpected: (From Statista – The Statistics Portal)

  • Currently, there are more than 1.6 billion social network users worldwide with more than 64% of internet users accessing social media services online

  • Current industry data indicates that more than half of the internet users in North America are social network users. In the United States, these figures amount to more than 160 million users who access social networking sites via any device at least once per month

Given this explosive growth in the use of social media it is not surprising that many of our insurance clients are asking Integritie how their organizations can best leverage social media content to support the interests of their clients and their organization. The following are the key reasons why our insurance client’s leverage our KC Online Solution which includes SMC4 (Integrities’ social media capture, monitoring and reporting tool):

  • Communicate with consumers to market products by increasing visibility, enhancing familiarity, developing relationships and building trust

  • Enable brand protection by monitoring and controlling sentiment on social media sites

  • To be proactive in forensic data mining for fraud discovery

  • Enable improved customer service by improving responsiveness to customer complaints and customer requests

  • Communicate with clients post catastrophic events regarding the claims process and other associated information

  • Enable record keeping compliance requirements

Another reason Integrities' insurance clients want to leverage and improve the management of social media is they know their consumers leverage social media to obtain information that they use in making their insurance decisions (what to buy, from whom, cost, etc.) and to provide information to other consumers considering insurance. Often this includes positive and negative posts. Normally negative posts last longer, and certainly reach more people more quickly than word of mouth ever did so the ability to control what is posted or not posted on their sites is very important.

Furthermore, after catastrophes consumers do use social media to quickly contact and obtain information regarding their next steps in relation to reporting a claim, often times via their mobile devices, as after a catastrophe this usually is the consumer's only available method of communication. The ability to immediately communicate with a client after a catastrophe is critical for an Insurer both from the perspective of providing excellent customer service and from the perspective of reducing process costs related to the management of claims. See how our customer Security First responds faster when disaster strikes by turning social media data into actionable insight.

From a regulatory perspective Insurers must retain their records to enable insurance examiners to decide if the insurer is in compliance with state insurance laws/rules. This includes social media content as well, as when an insurer is the creator of the content of a specific social media message, then the insurer is accountable for complying with state record retention regulations related to the social media message. Having the ability to capture, securely store, and manage social media content as a record is critical to meeting this compliance requirement.

To learn more about KC Online and SMC4 and how Integritie enables Insurers to meet the requirements discussed above please go to these links: KC Online, SMC4, Claims Management, Security First Case Study

For more Information on Integrities KC Online solution, please email sales@Integritie or click here.

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