Mined data from social networking could become a factor in determining premiums for both personal and business insurance

The insurance industry is paying increasing attention to what people and businesses post on social networking sites like Facebook, Twitter and LinkedIn.


Already, scouring Facebook and other social network pages of the insureds is a common practice on the claims side of the business. Many investigators say it’s one of the first things they do when looking into potentially fraudulent claims, including both hard fraud (staging auto accidents, etc.) and soft fraud. (over-reporting damaged values after a fire, etc.)

Crack the Data

Currently, social network data are being used as sources of evidence in courts of law in claims cases. Individual underwriters are retrieving risk evaluation information on their insureds through manual searches on social sites.




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