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Use of Social Media in Underwriting Just Starting

Publicly accessible profiles on social networking sites such as Facebook and MySpace represent data insurers can potentially use for claims and underwriting purposes
November 15, 2011

Publicly accessible profiles on social networking sites such as Facebook and MySpace represent data insurers can potentially use for claims and underwriting purposes. Boston-based consultancy Celent recently released a study, “Using Social Data in Claims and Underwriting: Creating a Social Risk Profile,” that studies how insurers are using this data, and how policyholders and regulators could respond. Currently, the practice of using social media content for fraud prevention and underwriting still is in its nascent stages, and so is its regulation. National Association of Insurance Commissioners (NAIC) President Susan Voss says the NAIC is “just starting” to examine the issue.

Read more on the use of social media in insurance: Insurers Push Boundaries of Social Media (Insurance & Technology 11/10/11)

Read an article on social media and underwriting: In a Few Years, Social Media Data May Be Common in Underwriting (PIA 10/18/11)

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