The ever-expanding data landscape continued to generate new and exciting opportunities in 2019 across the entire insurance lifecycle, from marketing through claims analysis. While blue-sky ideation may seem limitless, however, it is critical we view every new idea through a strict lens of data privacy and protection. At RGA, we believe our industry has a professional and moral duty to act in a responsible and ethical manner in storing, accessing, and applying people’s data.
When people think of the pitfalls and dangers of data, most of us picture bad actors with malicious intent. This is certainly an important consideration and something our industry must remain vigilant in working to prevent. At the same time, we must also strive to prevent accidental misuse of data. In fact, in their Q3 2019 Data Breach Report, cyber security firm Risk Based Security found: “While malicious actors have been responsible for most incidents, it is accidental exposure of data on the internet that has put the most records at risk.”
RGA works proactively and relentlessly to combat the threat of accidental exposure. We have developed and deployed advanced platforms and processes that limit the amount of accessible data, the number of people with access to it, and the time during which it can be accessed. This helps ensure that only those data specialists with a pre-approved, specific use case can access a given dataset, and only for a predetermined amount of time. RGA’s ongoing efforts to protect consumer information – which continued to advance and expand in 2019 – are integral to the work of the Global Research and Data Analytics team and part of an enterprise-wide commitment to data security.
The insurance industry is founded on trust, and our commitment to safeguarding that trust must be unwavering. As we continue to innovate via data and analytics, we must ensure that security remains an ongoing priority and that any use of data ultimately be directed to improving the lives of the people we serve.