By Robert Wice
Underwriter, Beazley Group
Behavioral marketing is an important part of the social media world because it is how the social media sites and other sites generate revenue.
These companies are using web application tracking technologies that are built right into their users' browsers, which compiles data on the users' browsing and buying habits.
There are a slew of marketing companies, advertising companies and database aggregators that are compiling the information collected through tracking apps and are making a lot of money selling it.
Ultimately, I think the acceptance of these practices is largely dependent on the age of the consumers. There are many older people would consider this practice a privacy violation. I think, however, there are many members of the younger generations who might say they actually want to be targeted. They would welcome a scenario, for example, in which they would be alerted on their phone or mobile device that their favorite shoes are now available in a new color when walking past a retailer.
Robert D. Wice is the U.S. Focus Group Leader for Beazley's Technology, Media and Business Services team. Bob has been with Beazley since 2005, underwriting technology, network security and privacy insurance for large risks. With more than a decade of experience in the network security and privacy insurance space, Bob started out in 1999 with INSUREtrust.com LLC, one of the first providers of network security insurance, where he was General Counsel and Director of Business Development. Bob then was one of the first team members of the AIG eBusiness Risk Solutions Group, helping grow the netAdvantage product line. Bob is a graduate of Georgetown University and Emory University School of Law and is an active member of the Georgia Bar. He is based in Beazley's Farmington, Conn., office.