If you think social media is a platform purely to communicated with friends and family, think again. For the past year, insurers have been using social media to assess the validity of claims, especially large ones. Some insurance companies have even rejected claims based on information posted to Facebook.
Many consumers share false information with insurance companies when it comes to claims, some also present incorrect information about the regular driver, of an insured vehicle, to pay lower premiums. It’s difficult to give an average premium on a car as there are many factors to take into consideration like whether the consumer is male, or female, married or not, age, and more, but for the sake of an example, let’s take a Hyundai i30 valued at R250,000. The driver of this car is a married female over the age of 25. Her premium would be R617, but the premium for a single male under the age of 25 for the same car would be R954. That’s why many parents say they are the driver of their children’s cars when it comes to insurance.
Social media has become a useful tool to assess correct and true information.
According to Moneyweb, an insurance professional said that his insurance company rejected a claim relating to an accident of a luxury motorcar. The claim was rejected as information provided through his personal Facebook account revealed his drunken state while driving.
All information posted on public social media accounts are accessible worldwide (apart from countries like China where those platforms are banned). This means insurers are able to view your whereabouts, those you were with and find facts on any incidents you’ve been involved in. With the purpose of uncovering truths, some insurers have even spoken to friends and family tagged in a claimant’s post.
I guess the moral of this post is honesty. It goes a long, long way.