Northwestern Mutual Life Insurance Company will be availing their 6,000 some odd financial representatives to interact with customers through social networks like Facebook and LinkedIn.
Hearsay Social, the Silicon Valley-based technology platform provider will assist the Milwaukee, WI based mutual insurer in undertaking the endeavor.
Both Hearsay and Northwestern hope that this will be a new frontier in actually conducting business through the social networks as opposed to just having a social network presence.
As the world of social networking expands, companies and individuals are finding new ways to utilize the platforms and insurance and investment industry regulators have had to amend rules to keep up with the rapidly-morphing nature of social networking.
Industry regulators require that conversations between financial representatives and customers conducted on social networks are supervised by their firms, which has prevented some companies to be able to capitalize on this incipient way of conducting business.
Hearsay Social has developed a tool that is able to capture, oversee and archive social communications which will keep Northwestern Mutual financial representatives in compliance with regulations.
“Hearsay Social and Northwestern Mutual share a vision for the transformational power of social media for relationship-building. Supported by Hearsay Social’s FINRA/SEC compliance capabilities and empowered by our easy-to-use social marketing platform, the company’s financial representatives can more fully embrace social networks,” said Hearsay Social CEO Clara Shih.