CIIN to use social media for insurance development

The Chartered Insurance Institute of Nigeria has said that it will exploit the vast opportunities provided by the social media networks to boost insurance development.According to a statement by CIIN, the body is saying this ahead of its upcoming education seminar with the theme, Insurance and the social media revolution. The seminar is expected to look at how to utilise such networks, like Facebook, Twitter and Linkedin.The President of CIIN, Dr. Wole Adetimehin, stressed the relevance of social network data for underwriting and claims, risk profiling, marketing and advertising of Insurance products and services.Adetimehin observed that the resources of social media networks and sites were not being well tapped into by insurance industry operators in Nigeria.He identified the more developed markets of Europe and South Africa, where underwriters were beginning to utilise social network data for the retrieval of risk evaluation information on their insured, as examples.Adetimehin said, In developed markets, social network data is already providing useful insights into underwriting pricing process and in developing risk profiles for both individuals and corporate bodies.
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