Increasingly, insurers have more tools at their disposal to improve claims outcomes, from AI to bots, connected devices to drones. What’s at the heart of this shift? Personal data.
Today, companies have more ways than ever to collect personal data. A global Accenture study of nearly 600 businesses found that 79 percent of organizations collect data directly from people’s online activities, while one in three capture personal data from connected devices.
Meanwhile, customers are increasingly willing to share their personal data. However, they have high expectations of how their service providers should behave, and how their data will be used and protected. In the event of a breach of customer trust, 63 percent would start looking for alternative providers, and 53 percent would stop doing business with that company immediately.
75 percent of customers say that when companies set false expectations about how personal data will be used, it is “extremely frustrating.”
What does this mean for insurers, and specifically, for claims leaders? First, insurers must understand that their ability to capitalize on technology’s opportunities relies on digital trust. That is, insurers must properly protect an individual’s personal data (data security) and they must only use it when necessary and in ways the owner has consented to (data ethics).
Embedding digital trust throughout the enterprise creates opportunities in two ways: first, it enables insurers to leverage personal data to improve claims outcomes; second, it creates opportunities to offer digital ethics insurance. Join me over the coming weeks as I examine key technologies and how digital trust is essential to realizing their opportunities.
To learn more:
- Read Building Digital Trust: The role of data ethics in the digital age, by Steven Tiell and Lisa O’Connor
- Read Trust in the Digital Age, by Rachel Barton, Marc Bender and Fabrice Marque
- Email me to discuss how Accenture can help you leverage digital trust to create new opportunities.