Data privacy is the new trust test

 Insurers are custodians of some of the most personal information individuals will ever share, including medical histories, family details and finances. [Courtesy] 

Last week’s commemoration of International Data Privacy Day offered a timely moment to reflect on how deeply data now shapes our lives and the responsibilities that come with it. From the financial and insurance services we rely on to meet our financial goals (whether education for ourselves or our loved ones, ownership of assets and property, leaving a legacy for our families and according ourselves a decent income in retirement), data sits quietly at the centre of trust between institutions and the people they serve.

Few industries understand this more acutely than life insurance. Insurers are custodians of some of the most personal information individuals will ever share, including medical histories, family details, financial circumstances, and long-term life plans. The decision to entrust an insurer with this data is, at its core, an act of confidence. Protecting that confidence is no longer only a regulatory requirement. It is a leadership obligation.