Hearsay Social Enhances Compliance Suite, Secures New Patents

Enhancements to the Predictive Omnichannel Suite provide additional risk controls and increased efficiencies for compliance teams across social media, web and mobile.

(Image credit: Dollar Photo Club.) 

Hearsay Social (San Francisco) has announced improvements to its Predictive Omnichannel Suite enterprise compliance solution to provide additional risk controls and increased efficiencies for compliance teams across social media, Web and mobile. The vendor says that the new features help global financial services and insurance companies enforce their proprietary policies while increasing productivity.

Steve Garrity, CTO, Hearsay Social.

Steve Garrity, COO, Hearsay Social.

“Managing brand governance and regulatory compliance for distributed field organizations can be challenging, especially as communication channels evolve and new ones emerge,” comments Steve Garrity, Hearsay Social founder and COO. “Given our close relationships with leading financial and insurance firms and all the major social networks, Hearsay Social is continually enhancing its enterprise compliance platform, providing best-in-class technology that no other company can offer today.”

The company has secured two patents granted by the United States Patent and Trademark Office (USPTO) for unique functionality in support of social media compliance for financial services organizations. U.S. Patent No. 9,070,110 and U.S. Patent No. 8,914,454 pertain to “identification of unknown social media assets” and “verification of social media,” respectively, Hearsay reports.

Hearsay Social describes its new compliance enhancements as follows:

Patented Rogue Social Account Finder: Companies can now efficiently identify advisors and agents who are doing business on social media out of compliance with industry regulations or company policy. The patented Rogue Social Account Finder makes it possible for companies to find an individual’s social media accounts, such as Facebook Pages, Twitter handles and LinkedIn profiles, that are representing the company but not approved by the company’s policy or process.

Patented Data Verification: With social networks constantly changing the way their data is accessed, ensuring the accuracy of that data can be challenging. To increase the accuracy of data used for compliance and analytics purposes, Hearsay Social’s patented data verification technology and process provide powerful checks and balances to confirm the information accessed via social network APIs (application programming interface).

Visualized Change Management for Text Fields: Many financial services companies have a policy to review any changes that advisors make to their websites and social media pages, yet identifying and understanding a change when looking at two versions side-by-side can be difficult and time consuming. The new change management solution from Hearsay Social visibly highlights edits in text fields, so compliance teams can quickly, clearly compare requested copy changes to existing content. To get additional context, compliance professionals can compare new text to historical versions from that user with just one click.

Customizable Supervision Dashboards: With the launch of the Universal Supervision dashboard earlier this year, Hearsay Social delivered unprecedented visibility and control to compliance teams. Hearsay Social now offers enhanced customization and saved search functionality with custom supervision dashboards, which allow compliance professionals to create and save supervision views that they use most often, and pull them up with one click. This saves time and enables them to consistently supervise areas that require active monitoring.

Flexible Lexicon Supervision Controls by Activity and Region: Different activities across social networks, websites, email and text messaging require different controls. For example, a company may want to receive alerts when an advisor uses a specific word in a tweet, but not when the same term is used in a profile. Hearsay Social now offers the ability to add and manage lexicon terms by activity type, limiting alert and approval queues to actions that violate policy for each distinctive activity type.

Lexicon Support Across All Languages: Hearsay Social has expanded its compliance solution to support any Unicode type, so companies can now include non-Roman characters in their lexicon lists and receive supervision alerts based on infractions in any language, including Chinese, Japanese and Thai. The Predictive Omnichannel Suite for advisors is available in more than 15 languages to support Hearsay Social’s growing set of international clients.

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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