This topic is especially interesting because insurance industry stakeholders are simultaneously creating their own social media policies while figuring out what new, insurable risks need assessment. Social media can open up doors to criticism but also provide a vehicle for responding to a crisis as Graco demonstrated with a well-coordinated response to their recent stroller recall. The threat of lost data, privacy breaches and viral negativity are risks but should never deter a company from engaging in social media. Companies that don’t understand this run a much higher risk of failing in a crisis or becoming irrelevant.
This topic is especially interesting because insurance industry stakeholders are simultaneously creating their own social media policies while figuring out what new, insurable risks need assessment. Social media can open up doors to criticism but also provide a vehicle for responding to a crisis as Graco demonstrated with a well-coordinated response to their recent stroller recall. The threat of lost data, privacy breaches and viral negativity are risks but should never deter a company from engaging in social media. Companies that don’t understand this run a much higher risk of failing in a crisis or becoming irrelevant.