Innovative Approach Helps Agents and Field Management Address Challenges of Social Media for Improved Client Service
NEW YORK, N.Y., December 10, 2010 – New York Life Insurance Company today announced that it is beginning a new social networking initiative designed to allow financial representatives the expanded ability to connect and engage with customers in the social media arena, while closely adhering to the most rigorous standards for compliance, security and governance.
"As social networks proliferate in our business and personal lives, we've been looking for a way to integrate these sites within our organization in the best way possible," said New York Life's Gerard Rocchi, a senior vice president. "By incorporating social networks into our business with a strong level of control that helps us to maintain our valuable reputation for integrity and fair dealing, we are bringing the best of the innovation and functionality that public social sites provide to create a better experience for our agents, field managers and the consumers we serve."
The new capabilities will automate and manage social network policies and usage for New York Life's more than 11,000 agents and field managers in the U.S., creating a compliant and secure social networking experience. An initial pilot of up to 750 agents is underway.
The capability allows social data to be filtered, tagged, integrated, archived and aggregated in adherence to the company's social media policy which allows for compliance with applicable laws and regulations. The company has the ability to define the features that financial representatives can access on social sites, archive posts and other social activity, and scan messages to ensure policy compliance. It also enables easy analysis of company-wide social networking usage and complete discovery to locate information across the social archive.
New York Life has contracted with Socialware, a leader in social engagement capabilities, and is employing Socialware's Compass Solution for this initiative.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. Please visit New York Life's Web site at www.newyorklife.com.
Based in Austin, Texas, Socialware enables the social enterprise, changing the way that companies and their employees engage, communicate and interact with clients, partners and one another. Leveraging the industry's first Social Middleware platform, Socialware's technology allows companies to transform public social networking sites like Facebook, Twitter and LinkedIn into enterprise-grade channels within the framework of their existing business processes. You can find out more about Socialware at www.socialware.com, as well as on Twitter: @Socialware. You can also read their blog: http://blog.socialware.com/
*New York Life is the largest mutual life insurance company based on the Fortune500 , ranked within industries, Insurance: Life, Health (Mutual), Fortune magazine, May 3, 2010.
**New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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