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Social Intelligence Launches Social Media Risk Scoring for Insurers

Staff Writer | April 28, 2015

Social Intelligence, a provider of social media risk assessment tools and data, announced the launch of its Social Media Risk Scoring solution for P&C insurers.  The new technology provides real-time predictive risk scores based on the online presence of participating insurance customers.  This information is used by insurers to provide discounts as well as fast-track claims processing to qualifying customers.

Social Intelligence launched its first product, a social media background check and monitoring solution for employers, in 2010.  The company has continued to refine its algorithms to develop a suite of fully automated web data analytics. The company’s new Social Media Risk Scoring solution is the first of its kind to provide predictive analytics in real-time to insurers based on an individual’s web footprint.

“As a data set, an online presence can tell us so much about the risk profile of an individual,” says Max Drucker, Social Intelligence CEO.  “By automating the process of risk scoring based on these variables, we are able to offer a more predictive and less costly alternative for assessing insurance risk.  The social web gives insurers the opportunity to gain actionable intelligence on consumers who do not have credit histories or other, more traditional forms of risk profile.”

Automated Social Media Risk Scoring

Social Media Risk Scoring processes insurance claimant data via a web application and immediately returns a predictive result generated from wide ranging data across the social web and broader internet.  All information is cross-referenced with information provided by the customer and/or derived from publicly available online information.  Social Media Risk Scoring is offered to insurance company customers on an opt-in basis and is used to offer incentives, such as lower rates and more rapid claims processing.

“We are excited about the future of social media screening as the next generation of business intelligence and predictive analytics for underwriting and claims fraud elimination,” says Rick Becker, senior vice president, Personable Insurance.  “By automating the social media screening process, Social Intelligence can take the guess work out of the process, creating a solid, enterprise-ready platform that can be relied upon to more accurately evaluate the risks we are taking.”

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