As I’ve outlined over the course of this blog series, there are significant opportunities for businesses to leverage personal data to drive better outcomes—for both insurer and customer. However, there are challenges that must be addressed, from consumer trust to regulatory requirements and more.
Furthermore, an Accenture survey of 600 business professionals revealed a gap between the value that businesses place on personal data stewardship, and their actual capabilities to do so. To help businesses—and insurers specifically—to narrow the gap, here are five principles for corporate digital responsibility:
- Digital stewardship. Insurers should make sure that their management of personal data is consistent with the expectations of the customers sharing their data.
- Digital transparency. Insurers should demonstrate openness in how they use customers’ personal data.
- Digital empowerment. Insurers should give customers greater control over their data, such as providing easy and responsive ways to make changes if anything is incorrect.
- Digital equity. Insurers should clarify and, if appropriate, increase the benefits that customers receive in exchange for sharing data.
- Digital inclusion. Insurers should look beyond the day-to-day business to examine how they can use personal data to multiply positive societal outcomes. For example, in Brazil, personal data is helping governments better manage traffic.
Finally, digital trust is one of the five technology trends highlighted in Accenture Technology Vision 2016. Our insurance-specific report will be released shortly; in the interim, you may want to read the cross-industry report.
For more details on how to turn personal data capabilities into a competitive advantage, download Guarding and Growing Personal Data Value (PDF).
- Read Part 1: Personal data is business critical.
- Read Part 2: A crisis of trust.
- Read Part 3: Opportunities and challenges.
- Learn more about digital trust, one of the five technology trends identified in Accenture Technology Vision 2016.
- Email me to discuss how Accenture can help you facilitate corporate digital responsibility and protect customer data.