How Data and Social Media Are Reshaping Risk Management in Insurance

Insurance Journal Podcast

Insurance carriers now leverage vast data and social media insights, creating both challenges and opportunities for businesses in managing risk and maintaining transparency. This excerpt from the Risky Future Summit highlights Andrea Wells’, Vice President of Content at Insurance Journal, interview with Skylar Romines, Founder/Owner of ATW Advisors, about these opportunities – to watch the full interview and the rest of the talks from the summit, visit riskyfuture.com.

Main Points from this talk:

1. Unprecedented Data Access for Carriers: With tools like real-time satellite imaging, underwriters can identify risks in properties before owners are even aware, making proactive management essential.
2. The Dangers of Misrepresentation: Businesses that falsely advertise services or assets on websites or social media can raise red flags with insurers, potentially leading to increased scrutiny or higher premiums.
3. Social Media as a Safety Tool: Internally, social media can foster a strong safety culture by allowing leaders to share personal experiences, encouraging transparency and safety reporting among employees.

#RiskManagement #InsuranceData

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