Our previous research has shown that new data uses bring opportunities and risks. New technologies mean that the collection, storage and use of consumer data have grown significantly over the last decade. The use of data in the insurance industry holds enormous potential to reach new customers, to design better products that offer customers greater value and to enhance operating efficiency. Thus, the improved use of increasing consumer data can help make insurance markets more inclusive.
Data innovation is challenging the traditional role of regulators. Regulators are facing two major challenges. They must:
Jeremy Gray and Jana de Waal from Cenfri presented on what it takes to regulate for responsible data innovation and the role of the regulator. Elias Omondi from the Insurance Regulatory Association (IRA) in Kenya shared his experience on data protection in Kenya and IRA’s current thinking.
Given the changing landscape of data and the rapid rise of data breaches, regulators are increasingly required to tread a delicate balance to empower consumers to make sovereign decisions and to achieve positive consumer outcomes, both by encouraging data-driven innovation to improve value and by protecting consumers from the risks that arise. The webinar drew from this A2ii report, which explores the regulatory challenge of risks related to consumer data protection.
About the Community of Practice
The FSD insurance Community of Practice (CoP) was established in 2017 under the RRI programme. The CoP has several objectives. Firstly, it serves as a platform to enable the different FSDs to learn from one another’s experiences in their respective markets and to engage with relevant research, conducted both by RRI and beyond. Secondly, the CoP provides a space for the RRI programme to share, discuss and test with the FSDs its relevant insurance market research. Lastly, through the CoP, the FSDs and the RRI programme can identify opportunities for collaboration around their insurance-related research.
The CoP aims to advance our collective understanding and knowledge of the role of insurance in society. Please use this group as a space to share, discuss and test your relevant insurance market research or interventions. Stay up to date and join the community here.
This work forms part of the Risk, Remittances and Integrity programme, a partnership between FSD Africa and Cenfri.