The astronomical growth and evolution of platforms such as Linked In, Facebook and Twitter reflect the success of social media technologies; more importantly it illustrates how businesses and consumers will expect to interact with and use digital media in the future, for all sorts of reasons. Indeed, many organizations are turning to social media tools to support communication, information and knowledge exchange. In 2013, the KNOWNET (Engaging in Knowledge Networking via an interactive 3D social supplier Network) project was launched with the specific aim of exploring knowledge transfer across a multi-level supply chain in the UK insurance sector using interactive social web tools. The key objectives being to explore the value of community centric platforms using social media tools to support tacit knowledge sharing across insurance supply chains. In this paper an understanding of knowledge transfer is sought, and in particular the role Social media tools play in this process. Of central concern is the role social media tools may have in the transfer of tacit knowledge. Knowledge sharing data is currently being collected via a number of different sources including a social networking platform (via images, case studies, processes discussed, etc) and a 3D virtual world environment where different scenarios are developed for group discussion.