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2 Birds, 1 Stone: Assessing Risk with Speed and at Scale

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Executives need to adapt processes to harness the impact of risk on social media channels with speed and efficiency.

In this session, you’ll discover the role of social media outside of Marketing and learn how by applying automation to social media operations, companies can efficiently capture intelligence to assess and evaluate risk. Accenture Interactive will present their Social Media Intelligence™ platform, approach and best practices for developing and delivering a turnkey service for aggregating relevant, unstructured data and deliver it to stakeholders in a timely, comprehensible and highly actionable format.

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2 Birds, 1 Stone: Assessing Risk with Speed and at Scale

  1. 1. 2 BIRDS, ONE STONE ASSESSING SOCIAL RISK WITH SPEED AND AT SCALE
  2. 2. Kristopher Bober Social Media, North America @krisbober Jim Clark Social Media, North America @jp_clark LOOK WHO’S TALKING
  3. 3. EVOLVE FROM SIMPLY HAVING A PRESENCE ON SOCIAL TO WHERE SOCIAL IS INTEGRATED INTO ALL ASPECTS OF THE ENTERPRISE.
  4. 4. 1. BROADER ADOPTION THROUGHOUT THE ORGANIZATION AND SCALING SOCIAL IS A MAJOR CHALLENGE 2. SMALL DISAGGREGATED TEAMS DOING SOCIAL FOR THE ENTERPRISE, FOCUSED ON THE PRACTICE THAN APPLICATION OF SOCIAL ON STRATEGIC BUSINESS IMPACT 3. USING OR ACTING ON DATA AND INSIGHTS IS A MAJOR BARRIER TO DRIVING STRATEGIC IMPACT ON THE BUSINESS 4. PROVING VALUE IS ELUSIVE AND CRITICAL FOR ADOPTION 5. CLIENTS ONLY USE A FRACTION OF THE SOCIAL DATA THEY COLLECT AND KEY INSIGHTS ARE BEING LOST
  5. 5. CLIENT BACKGROUND BUSINESS CHALLENGE RISK AND IT STAKEHOLDERS SEEKING A SOLUTION CAPTURE KEY TRENDS WITHIN THE SOCIAL LANDSCAPE TO ASSESS AND EVALUATE RISK AS IT APPLIES TO PRODUCT LIABILITY OR ABILITY TO INVESTIGATE CLAIMS. INEFFICIENT, MONOPOLIZING VALUABLE TIME OF THE UNDERWRITERS AND SUPPORT STAFF INCOMPLETE, IT IS NOT EXHAUSTIVE SINCE THERE IS ONLY SO MUCH INFORMATION THAT CAN BE SCRAPED FROM THE INTERNET MANUALLY INACCURATE, IT IS PRONE TO HUMAN ERROR AND OVERSIGHT
  6. 6. SOLUTION VISION Underwriters use the dashboard to monitor and research emerging risk trends to determine renewal, pricing decisions and to discuss with the companies Renewal Pricing “Solution” Brandwatch + AIP The “Solution” collects the data from hundred of thousands of websites, processes, analyzes and converts in consumable insights Internet content provides valuable early warnings for emerging risks on products and companies. However, collecting and analyzing information manually is not scalable Social Forums Legal Websites Government Websites Scientific Journals FDA.com BioSpace.com Facebook Yourlawyer.com Drugs.com Client Discussions
  7. 7. SOLUTION ARCHITECTURE Accenture Insights Platform (AIP) Database Website Details Keyword Details Pre- processing Merge Scoring Processed Data Views Filters Product Details Insurance Underwriter Insurance Underwriter Insurance Underwriter Risk Dashboard Internet Queries Data Files Collects internet content from millions of websites based on product and keyword queries Processes the collected data to identify risk relevance, and to prioritize the various pieces of information The information is then presented using easy to use dashboards that underwriters can use on go forward basis
  8. 8. ASSESSING SOCIAL RISK ILLUSTRATIVE Need: • Find information (posts, articles, reviews, filings etc. within social media and develop a methodology that assesses each mention and automatically categorizes it allowing the end-user to assign a value for next step actions and decision-making. • Value can be weighted and assigned indices to help measure levels of need, priority or opportunity. Value • Create a means to quickly evaluate, score, visualize and flag key signals. • Opportunity • Risk Scoring • Claims assessment • Product Evaluation • Buying Signals • Care Issues Financial Risk Index Legal Risk Index Financial Risk Index Legal Risk Index Product Risk Index Product Risk Index Financial Risk Index Product Risk Index Legal Risk Index Financial Risk Index Neutral – Positive – Mixed – Negative Trigger Event – Abnormal or sustained volumes spikes Competitor/Industry Index Query Focus “Nausea” Query Focus “All” Query Focus “Depression” Query Focus “Death” Query Focus “Financial”
  9. 9. VISUALIZATION Life Sciences + Social Risk 23 4 16 39 1013 55 3 48 0 0 20 40 60 Social Government sites Litigation Site Scientific Journal Medical Sites Data Source Categories Additional Sites Discovered Sites Provided by Chubb 2155 2014 1095 803 243 245 204 104 15 68 0 500 1000 1500 2000 2500 Drug 1 Drug 2 Drug 3 Drug 4 Drug 5 Drug 6 Drug 7 Drug 8 Drug 9 Drug 10 Number of Risks Identified Company 1 Company 2 Company n Product 1 Product 2 Product n Timeline Channel Sources Severity Word Cloud Individual Messages Chubb Portfolio 1046 901 215 211 188 0 200 400 600 800 1000 1200 JC Virus PML Pain Blood cell Level Infection Top 5 Side Effects Word Cloud 50% 43% 7% Risk category High Medium Low 137 147 157 222 99 108 172 167 180 209 170 173 73 0 50 100 150 200 250 Timeline
  10. 10. CLIENT BENEFITS BUSINESS RESULTS PROVIDED A MEANS TO QUICKLY CAPTURE VISUALIZE SOCIAL DATA TO ASSESS AND EVALUATE RISK ASSOCIATED WITH THEIR CUSTOMERS PRODUCTS FOR UNDERWRITING PURPOSES PROVIDES AN ADDITIONAL LAYER OF INFORMATION CREATING A SCALABLE, MULTI-DIMENSIONAL APPROACH TO RESEARCH EASILY AND EFFICIENTLY SOURCING INSIGHTS TO NEGOTIATE HIGHER ANNUAL CLIENT PREMIUMS PROVIDES A HIGHLY COST EFFICIENT APPROACH TO CONDUCT RESEARCH THAT PREVIOUSLY TOOK WEEKS TO PERFORM MANUALLY
  11. 11. THANK YOU.

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