Data is the basis of the insurance business; it is the data that enables the formation of risk collectives and the organization of fair burden-sharing. Increasingly, they are also the basis for new added value – from claims settlement to prevention issues. At the same time, consumers are skeptical about the way financial service providers handle data in particular.
Privacy and the protection and responsible use of customer data have long, at the latest with the DSGVO, gone from being a niche topic to a much-noticed value proposition. With all the challenges that can be observed, like in the well-known privacy paradox, for instance. How can an insurer credibly and consistently move towards being a trusted partner and, beyond that, a security partner for its customers? What requirements in terms of strategy, customer communication, technology, and governance processes do exist?
The project aimed to provide answers to the above questions. Furthermore, it strived to describe a roadmap for the step-by-step establishment of the insurer as a trusted and security partner for its customers in all matters of privacy.
The result was the creation of essential capabilities for a privacy-compliant data analysis, the testing of first implementations in customer communication plus the planning of their expansion, and the further development of a pragmatic
governance process for DSGVO compliance. The analysis of strategic aspects and specifically benefit components, as well as all its results, were integrated into the company’s strategy process.
If you are interested in the economic opportunities arising from the synergies of digitization and social responsibility, please contact us!
Dr. Frank Esselmann
Partner, concern GmbH
Tel +49 (0) 221 630 606 300
Mobil +49 (0) 163 4892844