Regulatory requirements related to data management have evolved from broad guidelines to specific requirements across a multitude of data quality dimensions. The evolution of data has undergone significant transformations over time from manual data processing through to IoT, cloud computing, and AI and data science.

How much data is created every minute?

Life insurers face a significant set of data privacy risks in an era of abundant data production. The personal information that a life insurer possesses about a customer is just a portion of the overall digital footprint that customers create. However, this data is typically considered the most reliable because it has been verified during the customer onboarding process, in compliance with KYC and AML regulations. In Europe, the European Commission is considering making Digital Identity Wallets mandatory, which would simplify the process of customer verification and accessing digital services. Similarly, in the US, certain major banks are exploring the use of the Authentify service, which allows customers to sign up for multiple services using the data that the bank already has on them. If the service proves out, insurers may follow suit.

Looking forward, firms will shift their focus to delivering value for their customers via the controlled storage, usage and sharing of their personal data.