Building trust through ethical data practices

  • Doug Knowling

    If the insurance industry is to move forward, deriving actionable insights from new data sources will be essential to meeting the growing demand for digitalized processes and a streamlined customer journey. Trust is the key.

    Doug Knowling

    Chief Data and Analytics Officer, Global Data and Analytics

In today’s digital era, data is an invaluable asset for every organization. How it is collected, analyzed, stored, and disposed of can impact all levels of operation, as well as reputation.

New data sources and new combinations of that data enter the re/insurance value chain almost constantly, and advanced analytics techniques, cloud computing, and artificial intelligence have made that data more manageable and informative than ever. Insights gained as a result have the potential to transform the industry, connecting customers to the protection products they need at prices they can afford. Yet to achieve these advances we must proceed ethically, with consumers’ best interests and their personal privacy as primary considerations.

At RGA, effective analysis of data is integral to our business, and responsible use of that data requires the constant assessment of practices across our global operations.

In 2020, RGA established the Data Ethics Advisory Board to provide a formal structure to a practice we have undertaken for decades: defining and abiding by ethical principles to guide the organization’s data management. The group is comprised of cross-discipline experts from around the world to ensure all local legal and regulatory requirements are considered, as well as the concerns of clients, partners, investors, and, above all, individuals.

If the insurance industry is to move forward, deriving actionable insights from new data sources will be essential to meeting the growing demand for digitalized processes and a streamlined customer journey. Trust is the key. Only when consumers know their information is protected and used responsibly will they embrace the benefits of data-driven products and services.

As the data revolution speeds ahead, RGA is committed to continue incorporating an ethics framework into everything we do related to data, from identifying prospects and processing applications to assessing risk and adjudicating claims. The opportunity to transform insurance is here, and we intend to pursue it the right way.

    • Dr. Dan Zimmerman
      Dr. Dan Zimmerman

      Senior Vice President, Head of Global Medical

    • Dr. Dave Rengachary
      Dr. Dave Rengachary

      Senior Vice President, Chief Medical Director, U.S. Mortality Markets

    RGA medical directors provide expert insights during pandemic

    “The medical team equipped clients with a deeper understanding of the latest mortality, morbidity, and healthcare developments and trends.”

    READ MORE

Risk Solutions

Article Hub

  • RGARE.COM

Copyright © 2021 Reinsurance Group of America, Incorporated. All rights reserved.

Webmaster | Legal Notice and Terms of Use | Web Privacy | Privacy Notice | Rights Requests