Conference paper Open Access

Facilitating Data Sharing and Ownership in a Future Insurance Market

Wood, Zena; Godsiff, Phil

Data is a key enabler of digital transformation where organisations adopt new technologies to innovate their organisational strategies. Although the insurance sector has always made use of some form of data to help provide risk models, the data that is now available, and the technology that can manage and analyse that data, has opened up new opportunities for innovation. Discussions with insurance sector experts, and the results of recent industry surveys, have shown that the sector must embrace these innovations if they are to thrive in the Digital Economy. Research has shown that the future of insurance must be: data-driven, customer-centric (with services delivering personalised outcomes for customers), built upon a model of risk prevention (instead of the traditional protection against loss), and adopt an ecosystem approach. We have identified four particular areas relating to these requirements where there exists major policy and regulatory challenges: data sharing, data ownership, data privacy and data usage. This paper explores these four areas, how new technologies (such as personal data stores and sharing platforms) might actually assist with regulation and compliance, and the further research that is needed to address the identified challenges.

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