Trust in Digital Insurance
Trust in digital insurance is vital for the successful transformation of the market. To achieve that success, the transformation needs to be built upon four components:
- a strong and sustained track record on data ethics
- a thoroughly customer-centric digital strategy
- the core components of trustworthiness
- digital partnerships that are shaped around the above three points.
Insight
Many insurers frame their digital strategy around getting closer and closer to the customer. From this, they assume all sorts of good things will emerge, such as engagement, acquisition and revenue. Will it though?
Getting closer and closer to the customer is what I call the proximity model. Yet to many of us, proximity often feels rather disturbing, and we react by becoming wary, looking for ways to disengage. Not a great basis for a transformational change, let alone a customer centric business.
I suggest that you instead think in terms of what I call the intimacy model. Instead of you the insurer doing things to get closer and closer to the customer, consider doing things that make the customer want to get closer and closer to you the insurer.
The difference between the proximity model and the intimacy model is trust. The former will struggle to attain it, while the latter puts it at the centre of all things digital.
Guidance
For a good overview of trust in digital insurance, read this... 8 Ways in which a Digital Strategy can build Trust in an Insurer
Learn | 10 min video
People often think of trust the wrong way round. Onora O'Neill, Emeritus Professor of Philosophy at the University of Cambridge explains why, in this 2013 Ted Talk.
Article | 2 min read
A Framework for Trust and Growth in a Digital Insurance Market
In this article, I bring together a survey of insurance executive concerns about digital markets, and academic research into data ethics.
Guidance
My work with insurers on trust in digital insurance is orientated around a particular data ethics framework. You can download the framework (no email required) below...