Many insurers have put off having to decide how to proceed on social media. Some cite budget concerns while others still doubt its value. Some also recognize the legal and regulatory pressures to forge a plan, however still resist taking any action saying that until regulators force the issue, there is no urgency.
This is a wake-up call.
State regulators are beginning to monitor insurers’ social media activity for compliance violations, not just in marketing but in claims, HR, and underwriting. What they are becoming concerned over is the lack of planning and the absence of reasonable and clear guidelines on the use of social media throughout the company for both communication and research.