Monday, December 23, 2013

An Actuarial Application of Social Network Analysis

While the article from The Future Actuary linked to below doesn't really mention social network analysis (SNA), it speaks to insurance products designed to protect you from loss, personal liability, or related litigation issues involving social media. I'm sure there has already been plenty of work done in this area and if I get the chance I'll provide some updates. I would think knowledge of SNA would be critical i.e what is the relationship between centrality measures and network structure and risk? How can this help price products designed to protect individuals and businesses?

"As a social media entrepreneur, Matt Mullenweg put it: “we’re only one click away from a billion people.” While these technological advancements have made ‘getting connected’ one of the top priorities for employers and individuals, it doesn’t come without its perils. The increasing risks of legality/operation, security, and defamation are also just one click away. Maybe it’s time for social media risk management plans to take off. "

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