BnB Sure/Zurich - con­tain­ment cover

RISKSA Magazine - - News -

and with the click of a but­ton, while the win­dow of op­por­tu­nity for in­ter­dict­ing an es­ca­lat­ing prob­lem is di­min­ish­ing rapidly,” says Pow­ell. As­cent Un­der­writ­ing Man­agers have a prod­uct ex­ten­sion called Good­will Pro­tec­tion that cov­ers the costs of mit­i­ga­tion in the wake of a threat to brand or rep­u­ta­tion. “We have had the ex­ten­sion for a lit­tle over two and a half years now and we see it be­com­ing more and more nec­es­sary in this age of un­ver­i­fied dig­i­tal in­for­ma­tion,” says Paul Hal­ley, man­ag­ing direc­tor of As­cent. The ex­ten­sion cov­ers the ap­proved costs of launch­ing counter-ac­tive mul­ti­me­dia cam­paigns, pro­mo­tional cam­paigns, or in more ex­treme cases, the costs of for­mally ap­proach­ing Google, Face­book, or TripAd­vi­sor through the nec­es­sary legal chan­nels to have cer­tain com­ments re­moved. “The con­cern and the risk with mul­ti­me­dia is that it’s not con­ven­tional jour­nal­ism, so there’s no­body who’s edit­ing or ver­i­fy­ing the de­tails. I think at best the fil­ters on most of th­ese plat­forms would be around bad lan­guage or is­sues around racism. “But there’s no verification of the in­tegrity or the ac­cu­racy of the state­ment. So fun­da­men­tally any­body can go and write any­thing and in­flu­ence the per­cep­tions of any­one who reads it, and it could be based on no facts at all,” adds Hal­ley.

Meet ex­pec­ta­tions

Prod­ucts like con­tain­ment cover and good­will pro­tec­tion, while ab­so­lutely nec­es­sary, should still only be a risk manager’s last port of call. “First of all, make sure that there is good ex­pec­ta­tion man­age­ment within the or­gan­i­sa­tion and that the brand prom­ise is be­ing ful­filled while equally be­ing aware of po­ten­tial is­sues in real time,” ad­vises Hal­ley. “For ex­am­ple, if a com­plaint is lodged, han­dling it sen­si­tively and cor­rectly at the time would ob­vi­ate any need for a guest to put their poor ex­pe­ri­ence on­line.” “Guest ex­pec­ta­tions are fun­da­men­tal to rep­u­ta­tion man­age­ment and should be man­aged from the out­set – be­fore the first con­tact if pos­si­ble,” says Pow­ell. “Af­ter-the-fact rep­u­ta­tion man­age­ment is not re­ally rep­u­ta­tion man­age­ment at all. It is dam­age con­trol, and it’s se­verely limited in the dig­i­tal age.” A brand’s prom­ise needs to be sup­ported all the way through an or­gan­i­sa­tion, oth­er­wise the rep­u­ta­tion risks dam­age as op­posed to be­ing en­hanced. “By far the eas­i­est way to avoid neg­a­tive re­views is by not promis­ing some­thing that can­not be de­liv­ered, and by mak­ing ev­ery ef­fort to de­liver what has been promised, on time and within bud­get,” adds Pow­ell.

Have a plan

Hal­ley, Pow­ell, Muller and Mizen are unan­i­mous in their agree­ment that a com­pre­hen­sive so­cial me­dia con­tent strat­egy is es­sen­tial to rep­u­ta­tion or public risk man­age­ment for not only the in­sured, but in­sur­ers as well. Ac­cord­ing to In­ter­tel, rep­u­ta­tion man­age­ment in­volves ac­tively mon­i­tor­ing, con­stantly as­sess­ing, and pos­i­tively in­flu­enc­ing the rep­u­ta­tion of a busi­ness (or a brand) or per­son. So es­sen­tially it cov­ers rep­u­ta­tion build­ing, rep­u­ta­tion mon­i­tor­ing, and rep­u­ta­tion re­cov­ery. “I think the best thing to do is have a co­he­sive me­dia and mul­ti­me­dia mar­ket­ing strat­egy where they are en­sur­ing that they are present on th­ese plat­forms, that they are mon­i­tor­ing th­ese plat­forms, and that they are ca­pa­ble of “A guest at an estab­lish­ment had goods stolen from his room. He was in­sured else­where, so we ini­tially re­jected the claim. He then had a short­fall and some items were not cov­ered. As a re­sult, he turned to TripAd­vi­sor to com­plain and only re­moved the post af­ter pay­ments were made. This is a prime ex­am­ple where not only is the in­sured’s rep­u­ta­tion at stake but also the in­surer’s. Of­ten, in th­ese par­tic­u­lar cases, the estab­lish­ment is un­der­in­sured,

or a spe­cific in­ci­dent is not cov­ered, plac­ing the in­surer in a

com­pris­ing po­si­tion. Yes, due process was fol­lowed, but at the same time the brand it­self has the po­ten­tial to be

tar­nished.” re­spond­ing pos­i­tively or neg­a­tively to com­ments posted on th­ese plat­forms,” says Hal­ley. “Lever­ag­ing cur­rent and emerg­ing tech­nolo­gies to cre­ate a strong on­line pres­ence with recog­nis­able brand­ing will not only en­cour­age public par­tic­i­pa­tion and en­gage­ment, but will fa­cil­i­tate pos­i­tive com­men­tary, im­prove ser­vice de­liv­ery, and in­form prod­uct devel­op­ment,” says Pow­ell.

CASE STUDY

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