With the tremendous opportunities that innovation and technology offer, challenges of a similar scale arise. Customers fear their data being exploited, sold and put out of their own hands. For the insurance industry to reap the full benefit of data, AI and ML, consumers must at first be comforted. Hence, firms most go beyond only passing the law by doing more than just the bare minimum..
From a report published by KPMG in 2021, 86% of the US population say data privacy is a growing concern, 40% do not trust companies are using their data ethically and 30% are not even willing to share their data. Offering and collecting data for mutual benefit is also a two-way stream. Customers have to be willing to share to receive a compelling customer experience. Meanwhile, companies need to instill trust in customers when collecting, storing and using their data.