Social Media and Emerging Risks · 4/22/2019 · Enterprise Indemnity CIC, Inc., an Arizona based...

© 2015 Sedgwick Claims Management Services, Inc. - Do not disclose or distribute.

Social Media and Emerging Risks Western Regional RIMS – October 2015 – Lake Tahoe

2 © 2015 Sedgwick Claims Management Services, Inc. - Do not disclose or distribute.

Introductions

• Chris Mandel, RF

SVP, Strategic Solutions

Sedgwick, Inc.

Do Some Risks Matter More?

7

FREQ

UEN

CY/

LIK

ELIH

OO

D

SEVERITY/IMPACT

Choosing Your Risk Range Focus

< Expected Loss Pt

Typical Actuarial Loss Curve with the Black Swan Sitting on Tail

© 2015 Sedgwick Claims Management Services, Inc. - Do not disclose or distribute.

SOCIAL MEDIA AS AN EMERGING RISK


Top social media sites

• Facebook

• Twitter

• LinkedIn

• Instagram

• YouTube

• Snapchat

• Pinterest

• Flipboard

• Periscope / Katch


Facebook statistics

• On Monday, August 24, 2015, 1 Billion people used Facebook*

• That’s 1 in 7 people on the planet!

• Facebook touts 1.5 Billion active accounts (defined as accessed at least twice per month) exist

• 62% of all American adults use Facebook

• 70% access the site daily *http://fortune.com/2015/08/28/1-billion-facebook/

http://fortune.com/2015/08/28/1-billion-facebook/







Doing business in a digital world

Social media is growing like crazy. Everyone uses it!

18-29 years old 30-49 years old 50-64 years old 65+ years old

Growth in 1 year Growth in 1 year

Top 5 sites are Facebook, LinkedIn, Pinterest, Instagram and Twitter


Social media is here to stay


Social media is more than social networking

• News delivery

• Online marketing

• Research and investigations

• Customer service

• Brand outreach

• Protection



Social media is used as a growth or new customer acquisition strategy!



User-centric solutions

• New technologies are being developed around the needs of the informed power consumer

• Demand for mobile technology solutions that are available 24/7, provide real-time data and can be integrated with other systems will continue to grow Cloud-based software as a service will play a greater role in accommodating the changing business needs of employers

Hyper-connectivity

• In today’s fast-paced world, smartphones are the norm and data seems to move at the speed of light

• Societal demands for uber-connected products and services are opening the door for countless opportunities, but also new and evolving risks


Social media and risk response: Why is it important?


Social media: emerging challenges and risks

• Security and productivity

– Malware / increased threat and potential scams from hackers

– Bandwidth consumption

– Productivity loss / blurs professional and private lives

– Use of company-supplied mobile devices

• Brand reputation

– Are your best advocates your employees / are they engaged?

– Do you listen to social channels / what is being said about your company?

– Are you using SM as a form of marketing or customer engagement?

– It’s not static / this is a two-way process


Social media and risk response

Risk management perspective

• understand ng the importance of incorporating a foundation of responsiveness and communication into our process

• Continually evolving with the business and with the needs and expectations of our customers and associates

• The “24-hour touch point” is 23 hours too long with the speed of social media and with how quickly things can go “viral”

• Taking the opportunity to leverage social media as a risk mitigation and brand enhancement tool


• “I don’t have time.” You need to

make time and seize these new

communication opportunities

• An opportunity to drive better risk

outcomes by being present at the

moment someone needs help

Social media and risk response Why should risk managers care?


Social media and risk response How can you improve outcomes?

Start with the basics:

• Does your company have someone who handles social media?

• Are you listening on all major social channels?

• Can you respond and react in real time to customers and your own

associates?

• Is social media integrated into your customer service approach?

• Is risk management working in partnership with your social media or

customer service departments to help listen and send complaints your

way?


What can happen if you aren’t engaged? What can happen if you are engaged?

Providing customer service in a digital world

• Accelerated satisfaction – Good customer and associate

engagement – Increased speed – Transparency – Multiple mediums – Generationally cognizant – Clear expectation – Enriching the experience – Controlling the relationship

• Declining satisfaction – Poor customer and associate

engagement – Escalated costs – Litigation in claims

• Driver – Communication – Customer service – Associate service – Transparency – Timely action – Expectation setting – Education


Providing customer service in a digital world Hurdles to Commitment



The conversation is happening with or without you

Claimant 10:56am I faxed in paperwork and I am being told to scan and email it in. I

don't have access to scan or email.

Sedgwick 1:40pm Hi Tammy. Can you tell me the name of your employer so that the

social media team can pass along for researching your information?

Claimant 3:23pm I got it straightened out. Thank you for your willingness to assist me

though! Much appreciated!

Sedgwick 3:26pm Great news. Have a good day.


Respond quickly to avoid a social media firestorm


9:28 am

@Sedgwick who do I contact to get my claim resolved? Can’t reach your company #frustrated. Should I tweet this information or send it via email?

twitter✭

9:40 am

@xxxxxxx if you will send your information to [email protected] this will help direct your info to right resource

twitter✭

1:03 pm

@Sedgwick thank you, my examiner just called me

twitter✭



Opportunity to serve customers (and in our case – claimants)

• Pre-loss, during loss, post-loss

• Most expensive files are in litigation

• The #1 reason for litigation costs going up is poor communication

Improve your brand image and reputation

• The simple act of acknowledging an upset client via social media can greatly

improve your image to a very large audience

• This makes the risk management team look good to the whole organization

Create a positive customer and associate experience



Customer service in real time: Manage the conversation with the right tools • Free options

– Hootsuite – Google alerts – Social mention

• Paid versions range from $50−$500+

per month: – Sproutsocial – Buffer – Buzzsumo – Integrated with CRM and other systems – Oracle – Meltwater – Salesforce Radian 6 (the Cadillac of tools)


It’s Not Just About Reputational Risk

Underlying the reputational risk are:

Strategic Risks: Brand Damage

Operational Risks: Fraud

Regulatory Risks: Non-compliance with Privacy Laws

Legal Risks: Intellectual Property


Social Media Risk Framework

Governance

Structure and policy for managing risk

Processes

Adjusting operations for proactive risk assessment & monitoring

Systems

Effective data mgmt & leveraging technology to mitigate


Enablers of Effective Risk Management

Risk-aware culture

Compliance

Performance management and measurement

38

Deploying a Robust Social Media (SM) Risk Plan

1. Assess SM vulnerabilities beyond reputation

2. Expand existing risk governance structures & activities to include SM

3. Establish advanced SM monitoring tools and technologies

4. Enhance existing performance mgmt to analyze and act on monitoring metrics

5. Design & deploy a more SM risk aware culture


Connect on social media

Are you on social media?

Are you connected to your customers and business partners?

We are listening and look forward to joining in the social conversation with you

twitter.com @sedgwick


Questions

Copyright © 2013 by Sedgwick - Confidential – Do not disclose or distribute.

Copyright © 2013 by The Hartford. Confidential. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford.

41

THANK YOU!

Chris Mandel. RF. CPCU, ARM-E SVP, Strategic Solutions Sedgwick, Inc. [email protected]

210-845-5804

For Information on Sedgwick Services: PAUL BENA| Director Business Development 949-689-7293 [email protected]

Or Brandon Parks, Director, Business Develop. 206-999-5837 [email protected] Sedgwick Claims Management Services, Inc. www.sedgwick.com | The leader in innovative claims and productivity management solutions

mailto:[email protected]

http://www.sedgwickcms.com/

Christopher E. Mandel, RF, CPCU, ARM-E SVP, Strategic Solutions, Sedgwick, Inc.

Christopher E. Mandel is the SVP for Strategic Solutions at Sedgwick, Inc. He is engaged in helping Sedgwick chart its

future through the long term planning for products, services and strategic solutions for this claims and productivity management firm. He is also co-founder and EVP, Professional Services for rPM3 Solutions, LLC as well as founder and president of Excellence in Risk Management, LLC. both independent consulting firms specializing in governance, risk and compliance, with a special emphasis on enterprise risk management. rPM3 Solutions holds a patent for a unique risk measurement process known as ARQ™. Prior to electing early retirement and for ten years from 2001-2010, Mr. Mandel was head of enterprise risk management for USAA Group, a $165 billion diversified financial services organization. At USAA, he designed, developed and led the enterprise-wide risk management and corporate insurance centers of excellence. He also served as President and Vice Chairman, Enterprise Indemnity CIC, Inc., an Arizona based alternative risk financing facility.

Mr. Mandel has more than 25 years of experience in risk management and insurance in large, global corporates. He has

pioneered the development of cross-enterprise risk management capabilities resulting in S&P rating USAA as “excellent and a leader in ERM” from 2006 through 2010. In 2007, Treasury and Risk Magazine bestowed the Alexander Hamilton Award for “Excellence in ERM” on USAA. Mr. Mandel has been a long term senior leader in the Risk and Insurance Management Society including being elected President and Chief Risk Officer and was named Risk Manager of the Year in 2004.

Mr. Mandel’s deep, wide and diverse experience in all facets of risk management and insurance allows him to offer

those interested in managing risk with excellence to engage him to provide everything from a comprehensive strategy and complete ERM framework to targeted guidance, tools, techniques and/or training. Mr. Mandel’s innovative approach to making risk a key strategically placed and results oriented function results from solidly connecting risk management outputs to a company’s key performance metrics and ultimately, mission accomplishment.

Mr. Mandel received his B.S. in Business Management from Virginia Polytechnic Institute and State University and an

MBA in finance from George Mason University. He holds the CCSA, CPCU, ARM and AIC designations and is a frequent industry speaker, teacher and writer. He writes the “Risk Innovation” column for Risk and Insurance magazine and in 2008 was elected a member of Risk Who’s Who (RWW). He also wrote the Ask a Risk Manager column for Business Insurance from 1996 through 2008.

42

43

Traits of Emerging Risks

Emerging Risks

High Level of Uncertainty

Lack of Consensus

Uncertain relevance

Difficult to Communicate

Difficult to Assign

Ownership

Systemic or “business practice”

issues

Source: RIMS Executive Report Emerging Risks and Enterprise Risk Management © 2010 RIMS

Uncertainty

• Low frequency / high impact

• Potential to grow rapidly

Consensus

• Lack of recognition internally and externally

• Drivers, impacts, probability not clear

Relevance

• Uncertainty over effect on objectives

• Perception of being too futuristic to matter

Copyright Sedgwick CMS. All Rights Reserved

Communicate

• Perception as “unlikely”

• Little perceived bearing on existing circumstances

Ownership

• No one champion / accountable individual

• Potential consequences impact multiple resources and objectives

Issues

• Embedded in existing practices

• Complexity not clearly understood

Characteristics of Emerging Risks

Date post:	14-Aug-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

Social Media and Emerging Risks · 4/22/2019 · Enterprise Indemnity CIC, Inc., an Arizona based...

Documents