Stories abound of how social media has opened an entirely new channel of communication for scammers willing to commit fraud, but insurance companies are increasingly turning the tables by using social media to detect fraudulent claims. The paper notes several examples of claimants publicly sharing facts of their lives on social media that contradict the basis of their claim, such as semi-pro athlete playing well in local sports leagues while collecting workers' compensation benefits.
"Finding new methods to fight fraud helps keep insurance premiums down for everyone," said
The white paper notes that the most recent and best service approaches place considerable emphasis on interconnectivity between online information platforms such as social media, traditional websites, and public record databases. But with one billion new social media posts appearing every two days*, the massive volume of social media content is also its biggest challenge. To cope with this flood of information, cutting-edge carriers are now deploying big data analytical tools.
"There is an increasing array of powerful tools to help make sense of all the data," said
Beyond fighting fraud
The paper also notes that forward-thinking carriers are continuing to expand the ways social media can help improve the customer experience, such as:
- After a natural disaster, monitoring social media can help insurance companies identify the most affected areas and thus more quickly deploy loss mitigation and recovery resources.
- Similarly, social media information may reveal situations of increased risk and better enable insurance companies to suggest safety measures that could prevent loss.
- Finally, social media information can help the insurance company learn of developments that warrant updates in coverage, such as a home renovation project that requires builders' risk insurance.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/innovative-uses-of-social-media-to-combat-insurance-fraud-improve-the-insurance-experience-300365287.html