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Which U. S. P&C insurance company will be the first to use a social network as a platform to transact insurance?

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3 February 2012

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  • Mike
    Interesting thoughts. Though I am unable to come up with who could be the first insurers, I would like to offer my thoughts on what type of products might come first in the market. I think the products will be of following nature:
    1. Short-term / Event based / one-time: for example: I plan to visit Super Bowl and am worried about my car being vandalized.
    2. Low risks / low premium: Example, i procure an ipad and want a quick coverage from MY Insurer (I am not interested to buy insurance from the merchant selling it)

    I am interested to hear from you on the above.

  • This is an interest point, not only for the insurance sector, but almost every sector whom does business on the internet. Facebook has connected the Western world, in a network never present before.

    Most importantly for the Facebook, for advertisers and connected businesses, Facebook has a personal profile of a real individual, rather than a made-up username like Twitter. Users self-regulate themselves-- knowing that their peers know everything about them, so a lie on their profile would be a lie to their friends.

    My immediate concern is ensuring the security of the network: Facebook is taking on a momentus scale of being able to integrate every facet of our lives, and services that we need. Games, video chat, jobs, ads are one thing, financial transactions and services are another.

    I think the network would need to adopt some sort of individual require for credentials, like a bank, for say, your passport number.

    I do consider the potential of Facebook to be incredible, as long as Zuckerberg is at the helm.

    It is a watershed moment for the Facebook however, on two fronts: 1) The IPO: How will it affect the transparency, operations, monetization and vision of the enterprise; 2) Connectivity: Will they continue to connect to website via facebook connect, or will they begin to attract more integrated services, and websites are their platform.

  • How about a followup blog on what it would take to enable a policy administration system to participate in social networking transactions...

  • Hi Mike,
    I agree it's coming. Let's go out on a limb here and say maybe a company like USAA with a younger demographic policyholder, and also a rather closed potential and existing customer base (military personnel and families).

    USAA has already recognized the potential of mobile and social as a means of connecting their their highly-mobile customer base, and they certainly do sell some of the commoditized insurance products you mention above.

    If not USAA, could be a Progressive or a GEICO, or one of the pay-as-you-drive auto insurers like MileMeter for example.

    BTW, since word on the street is that a fully-completed Facebook profile contains 40 or more unique pieces of personally identifiable information utilizing this S.N. in particular for the purpose of conducting and concluding insurance transactions would seem the straightest line between two proverbial points...:)

    Also agree it will have to be a company with a fairly youthful audience already in tune with social networking. This younger generations, Millenials, is comfortable sacrificing a certain amount of personal privacy for convenience. I'm going with USAA.

    What's your guess?
    Jen

  • Jen, I'm going with SafeAuto.