Posts Tagged social media

Social Networking’s Role In Measuring Terrorism Risk

PropertyCasualty360:

The criticism of calculating terrorism risk was the perception that analysts could not predict human behavior. As it turns out, no one needed to. Social-networking analysis has been “very effective” since 9/11, [Gordon] Woo says, in foiling numerous terrorism attacks. In addition to its first priority of keeping America safe, the tactic has “protected insurers from paying large losses,” he adds.

It’s incredibly interesting that even bin Laden—a man who took great pains to avoid personal contact with social media and electronic networks in general—still wasn’t able to escape their reach.

If bin Laden can’t escape, who can?

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Financial services industry still sending mixed signals about social media

Goldman Sachs has invested $450 million in Facebook, yet the social network is still blocked for Goldman employees.

(via Erik Qualman)

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Financial institutions’ social media supply not meeting demand

A Fiserv white paper indicates that more than a third of financial institutions’ customers want to connect through social media (and nearly half of Gen Y do), but only 11% currently are.

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Risk 2.0 – The week in links 9/24/2010

  • What’s Facebook worth? Some valuations now put it ahead of big names like RIM, Starbucks, Dell, Yahoo, and others.
  • Hadyn Shaughnessy discusses semantic clustering and illustrates how it can be used to form a high-level picture of Web 2.0 conversations. It looks like a case of ecosystems talking about ecosystems.
  • Chris F. Masse, vigilant prediction market blogger, thinks that they may be not be that useful for solving real world problems.

This shift toward increased collaboration is apparent, even as enterprises emerge from the economic downturn. In fact, 65% of organizations now support at least one Web 2.0 technology for internal or external collaboration and communication purposes.

  • Riva Richmond of the WSJ lists three ways companies can use location-based social media. To date, I haven’t heard about any insurers, banks, or other regulated financial institutions using this type of social media. (If you have, let me know.)
  • The perils of tweeting away from the nest continue to get attention. One UK insurer recently issued a warning to customers that they may be increasing their risks of being robbed if they announce their absence from home on social networks. Time will tell if these warning shots are followed by premium hikes.

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Risk 2.0 – The week in links 9/17/2010

  • If you view all social media users as the same, you may want to rethink that. Terri Goveia discusses the concept of “connectors.” These are highly influential individuals whose actions shape the decisions of nearly three quarters of the consumer population. Finding them in social networks is probably a good idea.
  • It can be hard to sell anything new to the C-suite. Social media author and expert Erik Qualman lists 3 reasons CEOs hate social media, but he also provides 3 reasons they can learn to love it.
  • John Hagel III and John Seely Brown outline six fundamental shifts in the way we work. I think social media and collaborative technologies will provide the foundation for significant changes in the workplace in the coming decades.

The collaboration curve helps explain the rise of network-centric efforts ranging from open source software development to “crowdsourcing” to “creation spaces.” In nearly all of these group efforts, rapid leaps in performance improvement arise as participants get better faster by working with others.

A new study from Pew Internet found that between April 2009 and May 2010, social networking site usage grew 88% among Internet users aged 55-64, and the 65 and older group’s social networking presence grew 100% in the same time frame.

  • Ted Schadler wrote a very interesting piece on IT in the age of the empowered employee. I think IT is now faced with an immense challenge in the typical enterprise. They have to take on the role of security guard, mechanic, and increasingly they have to identify when it’s in the company’s best interests to stay hands off.  In my view, the world of IT is becoming more complex because technology is no longer just another “department” or “tool” in the business. It’s everything, and it’s everywhere. It’s work; it’s play; it’s communication. All these things are blurring into one thing: life.

It’s enough to imagine the sort of future where a pharmaceutical company’s algorithms can read through your Outlook calendar, notice no one accepts your meetings, sees your Facebook status updates seem to indicate a level of frustration, and sends you an offer for a free sample of the latest anti-depressant.

  • It’s official. Announcing that you’re not home on Facebook will get you robbed – at least in the state of New Hampshire.
  • Still think Twitter is a fad? Check out the latest growth chart. 90 million tweets per day. It’s getting loud out there. Are you listening?

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Risk + 2.0: The week in links 8/27/2010

  • Mashable talks about the coming wave of social media monitoring tools. Cluster analysis and semantic analysis are two methods being explored right now. The goal is to find statistical methods that will let companies quickly glean meaning from the vast amount of data being generated by social networks.

All of these companies are working with very smart people who can make data dance. Sysomos’ Bansal published a paper on cluster analysis applied to social data three years ago, indicating that they are ahead of the curve. The real challenge is to apply these complex lenses to the data in a way that lets us non-PhD holding marketers understand it at a glance — and to do it flexibly enough for different monitoring objectives.

Doctors can use a device like a tablet to pull up patient information during a consultation and then use it to, for example, show a patient how disease spreads or how curvature of the spine occurs. It may be easier to share information that way than it is with a PC.

  • Insurance and Technology writer Nathan Golia reports that Geico has expanded its Glove Box app to Android and the iPad. What’s especially interesting is that Geico is using these mobile platforms to increase interaction with customers. They’re not just to shoehorning their existing web offerings into a mobile device.

In its basic form, for smartphones, GloveBox allows policyholders to view account information, pay their bills, access ID cards, record accident information, reach Geico by phone and view videos of the company’s gecko mascot. The iPad version leverages the device’s larger screen by incorporating a split-screen display and auto “how-tos” with images.

  • Many of us don’t have time to do our main jobs and also do social media analytics. So it’s not surprising that companies are emerging to fill this niche. One example is ViralHeat.

If you find an article that you would like included here on Risk + 2.0, feel free to send it to me.

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Learning when to avoid the one night stand

[Photo by Search Engine People Blog via Flicker]

I remember conversations I had with other insurance professionals back when I was first discovering social media. I knew that social media would eventually gain traction in the world of insurance, but the possibilities were so great in number that it was hard to really focus on one area.

When I would discuss social media with others in my field, I would usually get the question “but how can social media be used for life insurance?”

Leveraging social media for other forms of insurance like auto and health was more intuitive I suppose. Social media involves a conversation between people. Listen, respond, and repeat.

Not all insurance encounters are the same. Some can be one night stands; others can lead to ongoing relationships. To form a relationship, people must converse on a regular basis. Some forms of insurance just clearly lend themselves to a regular relationship more than others.

Read the rest of this entry »

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