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New York Life Insurance Co. announced the start of a new social networking initiative designed to allow financial representatives the ability to connect and engage with customers in the social media arena, while closely adhering to rigorous standards for compliance, security and governance. “As social networks proliferate in our business and personal lives, we’ve been looking for a way to integrate these sites within our organization in the best way possible,” says New York Life’s Gerard Rocchi, a senior vice president. “By incorporating social networks into our business with a strong level of control that helps us to maintain our valuable reputation for integrity and fair dealing, we are bringing the best of the innovation and functionality that public social sites provide to create a better experience for our agents, field managers and the consumers we serve.” The new capabilities will automate and manage social network policies and usage for New York Life’s more than 11,000 agents and field managers in the U.S., creating a compliant and secure social networking experience. An initial pilot of up to 750 agents is underway. The capability allows social data to be filtered, tagged, integrated, archived, and aggregated in adherence to the company’s social media policy which allows for compliance with applicable laws and regulations. The company has the ability to define the features that financial representatives can access on social sites, archive posts and other social activity, and scan messages to ensure policy compliance. It also enables easy analysis of company-wide social networking usage and complete discovery to locate information across the social archive. New York Life has contracted with Socialware, a leader in social engagement capabilities, and is employing Socialware’s Compass Solution for this initiative.

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