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This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
As social media expands its role in our business and personal lives, insurance agents are finding other uses that can influence multiple aspects of their day-to-day work.
From assessing risk and rooting out insurance fraud to protecting customers, here's how social media monitoring and analysis tools can help your team achieve better results—including increased revenues and decreased drains to your bottom line.
Each year, Americans lose $80 billion to fraudulent claims. However, social media offers an excellent tool to catch the unscrupulous in the act and identify problems before payouts are made.
Here are some of the ways social media monitoring and analysis tools can help you identify potentially fraudulent claims.
It's much easier for someone seeking a policy to lie on an insurance application than it is for someone to hide how they live and behave in the world every day. Social media monitoring and analysis tools can help you reconcile information on a policy application with how a potential policyholder truly acts.
For example, it's difficult to explain how a policy applicant pictured holding a cigarette or cigar in multiple social media photos can claim to be a nonsmoker. Also, if someone's claiming on a life insurance application that they don't engage in any high-risk activities yet posts photos of themselves skydiving or ice climbing, it's easier to address the discrepancy during underwriting.
Using social media research effectively can help your company assign risk-appropriate premiums and avoid losing revenue by having an insured in an incorrect risk category.
In addition to helping you root out fraud and assess risk, social media monitoring and analysis tools are useful for insurance claim verification. You can use it not only to search for sketchy claim details but also to ensure that valid claims are approved in a timely fashion.
For example, investigators may find that a photo on a policyholder's social media account provides more detail than an adjuster's photo. Status updates can verify a doctor's appointment and even a claimant's day-to-day lifestyle post-injury, helping speed claim approval and payout for a policyholder.
From protecting your bottom line against fraud and ensuring the truth of policy applications to speeding valid claims toward approval, social media monitoring and analysis tools are essential in an increasingly social world. The end result of adding these tools to your claims and investigative toolbox can include improved business resiliency, increased revenues with risk-appropriate premiums, fewer losses from fraudulent claims and higher policyholder retention when claims can be verified expediently.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
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