Do customers trust insurance companies?

The collection and use of personal data – and the perception of its misuse – are top issues for insurance brands, which are challenged to balance consumer expectations for innovative technologies that provide ease, convenience and personalization with regulatory considerations. Insurers need to be especially sensitive about how they market to consumers who turn to them for help at some of the most critical times in their lives – such as buying a new home, having a baby or managing caregiving issues. health. The key to success is collecting only the necessary information and using it to enrich consumers’ brand experience with data-driven communications that are relevant and useful.

While data security is a driving factor in technological advancements, insurance brands should also prioritize a seamless user experience that is consistent across all channels. Emerging AI tools can help. Used skillfully, they can create highly personalized content at scale across multiple marketing channels. The EY Global Insurance Outlook cautions, however, that a clear policy on the use of AI tools will be important for building brand trust, especially given that sensitive personal data is involved.