3. Have a Risk Mitigation Strategy in Place
It’s very important that insurers recognize that social media deserves the same strategic emphasis and attention as other technologies. The whole focus of social media is people connecting with people and the sharing of information. A strategy needs to be in place that will make this happen efficiently and effectively across the entire insurance value chain – a strategy that considers the inherent exposures as well as potential business values. In the world of social media, reputation is critical. Insurers have to be prepared to manage the risk. This means putting a plan in place for mitigating the risks, addressing not only the awareness side of the equation, but also what to do should anything go awry. A strategy for harnessing the pervasive and powerful social media trend is imperative for insurers.
— Karen Furtado, Partner, Strategy Meets Action
Source: Strategy Meets Action
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio