Compliance professionals in the insurance industry face a dilemma when confronted with the expanding use of web-based technology as a communication tool. On the one hand, sales and marketing teams are understandably eager to harness the power of the web and social media to reach new customers in a cost effective way. Customer services are just as keen to talk to existing policyholders using the internet. But compliance professionals are all too aware of the need to balance this with the need to maintain insurance website compliance.
<em>Why State Regulation matters</em>
Matters are complicated by the need to meet State regulation in the insurance industry. The <a href="http://www.aicp.net/journal/index.cfm">Journal for Insurance Compliance Professionals</a> makes it fairly plain that, "all solicitations, whatever the medium, must comply with the requirements of the particular state". Given that communications via the web, either through a website or social media, fall under the banner of "all solicitations", then there is a clear requirement to comply with State regulation. According to the the <a href="http://www.naic.org/cipr_topics/topic_social_media.htm">NAIC</a> Social Media Working Group, this requirement covers social media as well, "communication through emerging technologies must be accurately portrayed, with all statistical data relevant and all product recommendations with existing state laws and regulations".
<em>This is where web archiving makes a difference</em>
Most people would be surprised by just how many tools we use everyday are simply web-based software. It's not just emails and traditional websites. All of the web and social media communication can be archived to meet State insurance industry compliance requirements using a web archiving service like Hanzo. It means that sales, marketing and customer service teams can communicate in the way they want, without compromising compliance.
To help, we've come up with seven recommendations for insurance industry compliance professionals looking to manage their web and social media.
<em>7 Rules of the Road</em>
1. Recognize that it can be done. Others companies are doing it. Feel free to <a href="http://www.hanzoarchives.com/contact-us/">contact</a> us if you'd like to know more.
2. Don't forget to include state-specific plans/prices. Without these, you don't have the full picture.
3. Authenticity matters. Make sure your web archiving process is defensible and forensically sound.
4. Include social media where appropriate. That not only includes Facebook and Twitter, but all of the new tools that marketing are considering.
5. Archive the shopping experience for each State that you operate in. It's what the customer sees.
6. Consider archiving your internal web presence. Many organizations overlook the value of archiving their wikis, Sharepoints, intranet sites and the like.
7. Make web archiving a core part of your compliance policy.
<em>What to do next</em>
If you’re a compliance professional or project team leader in the insurance industry and you'd like to find out more about maintaining compliance whilst developing your web presence, don't hesitate to get in contact with us at <a href="http://www.hanzoarchives.com/contact-us/">Hanzo Archives</a>. We are happy to share our experience in working with insurance industry professionals.