Research shows that over 3.5 billion people actively use social networking websites daily. Social media users are most active on Facebook and Instagram. About 52% of young people use these sites, while 48% are above the age of 45.
Insurance companies consider a wide range of factors to determine your rate. These are your age, gender, marital status, location, credit score, and claim history. Although social media is not a significant factor in determining the insurance rate, some insurers review people's social media profiles before approving their insurance applications. Read on!
How do Insurance Companies Use Social Media?
Research highlights that most insurers use social media sites like Facebook, Twitter, Instagram, and Pinterest for marketing and advertising purposes. However, some companies use social media to collect information on their customers. Experts recommend that one must not give up their Facebook or Instagram account information to the insurance provider until there is a requirement.
Whenever a person files a claim, and the insurance company doubts it, the staff launches an investigation. Social media sites, such as Facebook and Instagram, provide an opportunity for insurance adjusters to research and gather information on the parties involved in the claim.
Recent reports highlight that some people attempt to commit fraud, but thanks to the data collected from their social media profiles, insurance companies can mitigate them successfully.
Here are a few things insurance companies look for in your social media profiles.
Photos and Videos
Many people take photos and videos when they drive their cars on highways and roads in the UK. According to numerous insurance companies in the UK, uploading your pictures or videos to Facebook and Instagram is inappropriate. If the insurance company spots something like that on your profile, they will consider you a distracted driver and cancel your policy.
Screenshots
Sharing your text conversations screenshots while driving can result in harsh consequences. Your insurance company will deny your claim after an accident and declare you as an at-fault driver if they find suspicious activities.
Geotagging
When you turn "ON" your camera, the geotagging features turn "ON" automatically on your phone. Insurance companies require their clients to avoid uploading photos on their social media profiles with geotags or locations. If the company found such images on your Facebook or Instagram profile, it would be considered negligence on your part, risking your policy and premium rates.
How to Protect Yourself?
There are several ways to protect your social media accounts from insurance companies. Experts recommend keeping an eye on your privacy settings. Make sure your photos and videos are viewable to "Friends only." Avoid setting your privacy to "Public."
I used to spend a lot of time on Twitter and Facebook. I ended up leaving both sites because of their toxic nature. A friend of mine who still frequently used both sites kept getting declined for loans and high insurance rates despite having good credit. I can bet you that this was happening to her! How scummy is that though? It is very easy to get the wrong idea on social platforms and there should be laws to protect people. Going to share this around with my friends who still use those platforms.
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