It’s been quite awhile since we last added to our Risks of Social Media series. There has of course been many developments and discussions of the risks involved over the past year, but more so than the downsides, companies should now be focusing on the upside. Twitter, Facebook, YouTube and now, perhaps, Google+ all present vast marketing, reputation, customer service and sales benefits so it would be foolish to continue ignoring the social media revolution just due to the downsides.

For a recap of the perils, however, let’s look at the below slide from the Insurance Industry Charitable Foundation’s presentation “Social Media 2.0 for Insurance Professionals.”

These issues are real concerns. They must be dealt with. And anyone in your company who is tasked with managing any aspect of the firm’s social media platform must undergo training that highlights the risks just as much as the opportunities.

But just look at how even these — theoretically — risk-averse companies are leveraging social media for their own gains. Insurers are generally not going to jump into something if the threat outweighs the upside. So if they’re doing it, chances are you should be, too. (all slides courtesy of Dewey & LeBoeuf’s presentation for IICF)

State Farm

Farmers

Progressive

Allstate