ACTORS:
PROBLEM STATEMENT: The company had been receiving internal pressure from executives to enable agents to be social as well as direct pressure from their agents as they started to see the power of social tools such as LinkedIn to gain new customers, communicate more frequently with current customers, and beat out the competition. The company however, did not know how to overcome the compliance hurdles that come along with going social.
CUSTOMER REQUIREMENTS:
• A tool that could be easily implemented for new and existing agents but at the same time, would not affect how the agents interacted with social media.
SOLUTION: The company decided to start the process of going social by working with Social SafeGuard in order to ensure compliance across their agent’s social profiles.
APPROACH: Social SafeGuard worked closely with the company to establish a concrete onboarding process that included the issuance of a company-specific Facebook and/or LinkedIn page that was to be used by the agent for business purposes only. To enable social media channels, the company evoked policies from Social SafeGuard’s policy library which included monitoring individual company-specific social media pages for:
• Customer complaints.
• The guaranteeing or promising a certain loan or interest rate.
• Inappropriate Language.
• References to loan numbers or mortgage rates.
• Personal information such as social security numbers, income, etc.
• Violations of Real Estate Settlement Procedures Act (RESPA), specifically looking for potential instances of fee splitting, kickbacks, or exchanges for settlement services.
Throughout this process it became apparent to the client that inactivity on social media could be just as risky as activity on social media. Social SafeGuard eliminates the need for manual monitoring of social media pages and profiles; posts are automatically flagged for review by a company’s compliance officer if the post violates a policy. This capability helps to ensure if an agent is on vacation and therefore inactive on their social profile for a week or two, there does not need to be a concern about what is being said by others on their social profile during that time period.
To date, there has been an average of two policy violations per user per month caught using Social SafeGuard. 1,000 agents with active LinkedIn pages account for 24,000 violations per year. With Social SafeGuard in place, the compliance officer no longer has to worry about these 24,000 violations.
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