Increasingly, customers expect digital interactions when making purchases from companies and insurance customers are no exception. From arranging and purchasing insurance at the touch of a button, to notifying claims through apps, customers and brokers not only want convenience but also a more tailored service.
A regulated industry
However, the digitalisation of insurers is not without its challenges and risks. True customer personalisation requires data – and lots of it. As a heavily regulated industry, insurers are (quite rightly) subject to a wide breadth of legislation and regulation. Arguably the most prominent of recent times is the General Data Protection Regulation (2018 GDPR) and as insurers collect more granular data on customers, the more they will fall under the scrutiny of the Information Commissioner’s Office (ICO).
Data also attracts the attention of cyber criminals and cyber security has been named as the top emerging technology which insurers are investing in globally. Cyber presents a very real threat to companies and places new burdens on directors and data protection officers, as discussed in-depth in Cyber and the Legal Landscape by Christian Simpson.