Claims data driven by social media is offering opportunities for insurance practitioners. However, managing the volume of the data is a challenge. This challenge is turning into an opportunity for at least one third party supplier.
A number of analysts and commentators (including ourselves) have identified the management of data, especially Big Data, as key to success in business generally and insurance specifically. The proliferation of Social Media and other on-line sources is a major contributor.
A recently issued report from consulting firm PwC highlights the importance of data management. In announcing the report, entitled Top Issues: The Insurance Industry in 2012, Jamie Yoder, PwC’s US insurance advisory practice co-leader, said, “One of the largest challenges insurers will face in 2012 and beyond is capturing and interpreting data from a growing number of structured and unstructured sources, including but not limited to social media, policy-holder behavior and telematics.” (Reported in Insurance & Technology.)
It seems that the challenge to insurers is opportunity to third party suppliers. One of the first off the mark is ISO with a new offering which allows searches of social media and other on-line sources sources to support claims handling.
The recently announced service – Web Presence Search – allows users to search for specific subjects across millions of websites, social networks, and secondary data sources such as blogs and photo sharing services. Rich Della Rocca, vice president, ISO Claims Solutions, says, “The massive volumes of information available on the internet can make any online investigation of a subject a daunting challenge. Web Presence Search can make a real difference.”
To deliver this service, ISO has formed an alliance with Social Intelligence Corp., a leading provider of social media screening and research solutions. Search results are displayed in a Match Report summary consisting of URL links to web pages where reference to a search subject is detected. Findings can include personal profiles, employment history, educational background, recreational interests and activities, and personal photographs, including pictures of family members, friends and associates, video clips, blog entries, and news articles.
“Combining online search results with public record findings from other third-party sources, such as data aggregators and government agencies, is one of the most effective and innovative ways to provide a comprehensive, multi-dimensional profile of a person of interest,” said Della Rocca. “The Web Presence Search and Report will be an important resource for our claims and investigations customers.”