Do customers trust their insurers?

Collection and use of personal data – as well as perception of its misuse – are top issues for insurance brands, which are challenged to balance consumer expectations for innovative technologies that provide ease, convenience and personalization with regulatory considerations. Insurers must be particularly sensitive about how they market to consumers who are turning to them for help at some of the most critical times in their lives – like buying a new home, having a child, or managing health care issues. Key to success is collecting only information that is necessary and using it to enrich consumers’ brand experience with data-driven communications that are relevant and useful.

While data security is a driving factor in technology advancements, insurance brands should also prioritize a seamless user experience that is consistent across channels. Emerging AI tools can help. Used adeptly, they can create highly personalized content at scale across multiple marketing channels. The EY Global Insurance Outlook cautions, though, that a clear policy about use of AI tools will be important for building brand trust, especially given that sensitive personal data is involved.