On the risks of insurers ignoring social media

Jennifer Overhulse-King (@stnickmedia) recently wrote an interesting article for National Underwriter called “Ignoring Social Media Growth Can Be Dangerous.” It’s a great article, and I would encourage you to check it out. As I’ve noted in previous posts, Jennifer points out that “your employees and your policyholders are likely already participating on an individual level.”

I’ve included a few snippets from Jennifer’s article in this post. . .

Perhaps the most dangerous myth swirling around about social media is that it’s just a fad. As we all know, fads run a predictable course and then fade away.

Those insurance organizations buying into the myth of social media as a fad could easily be tempted to turn a blind eye and not invest time, energy and talent into finding valuable ways to use social media, or to resist adopting a definitive social media policy to regulate it. That could have serious consequences.

I particularly agree with this sentiment:

When your firm chooses not to participate in social media on a corporate level, you limit the organization’s ability to take advantage of positive situations—but more importantly, you limit your ability to head off potential disaster.

In other words, the implicit decision to ignore social media carries its own degree of risk—potentially greater than the perils of confronting social media head-on.

Jennifer also describes some basic steps companies can take toward putting a social media policy in place and notes that:

Developing a definitive social media policy can help protect your brand’s integrity and limit your company’s liability for online actions. Even though it won’t be an easy process, by utilizing a team approach you can build a comprehensive corporate social media policy.

Does your company have a social media policy?


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