The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurance companies to establish social media norms for their employees. The move aims to prevent insurers from using social media platforms to violate customer privacy, disclose confidential information, or engage in behavior that could harm the company’s reputation.
The IRDAI has asked insurers to create a code of conduct for social media usage that outlines acceptable and unacceptable behavior on social media platforms such as Facebook, Twitter, LinkedIn, and Instagram. The guidelines should cover issues such as maintaining customer confidentiality, avoiding conflicts of interest, and refraining from making derogatory or defamatory comments about the company or its competitors.
The IRDAI has also directed insurers to conduct regular training and awareness programs for their employees to help them understand the risks associated with social media usage and the importance of following established guidelines. The training should cover topics such as data protection, cybersecurity, and privacy.
Insurers have been given a deadline of 30th September 2021 to implement the new social media norms. The IRDAI has warned that failure to comply with the new guidelines could result in penalties or other regulatory action.
The move comes in response to a growing number of cases in which insurance employees have used social media to disclose sensitive customer information, engage in inappropriate behavior, or violate company policies. By establishing clear guidelines for social media usage, the IRDAI hopes to promote greater transparency, accountability, and professionalism among insurance employees, and improve trust and confidence in the insurance industry.