Learn how to protect your data privacy when using insurtech for risk management and underwriting. Follow these tips to choose, use, and secure your insurtech services.

Compliance with Regulations: Insurance being a highly regulated product in most parts of the world, it is extremely essential to verify that the InsurTech complies with data protection regulations and standards in your region. They should have mechanisms in place to handle data breaches and notify users promptly, in case of any such incident.

How can you protect your data privacy when using Insurtech for risk management?

Insurtech is the use of technology to enhance the efficiency and effectiveness of insurance processes, such as risk management and underwriting. However, as you share more data with insurtech platforms and providers, you may also expose yourself to privacy risks. How can you protect your data privacy when using insurtech for risk management? Here are some tips to help you.

1 Know your data rights

Before you sign up for any insurtech service, you should read the privacy policy and terms and conditions carefully. You should understand what data is collected, how it is used, who it is shared with, and how long it is stored. You should also know your rights to access, correct, delete, or withdraw your data at any time. If you are not comfortable with the data practices of the insurtech provider, you should look for alternatives or opt out.

Add your perspective

Priya Misra

Legal Head | InsuranceDekho
Report contribution
The law in relation to data rights, is still developing in most countries. In view of this, a basic first step is to understand what the individuals' rights are in the jurisdiction where the individual resides. Some laws have extra territorial effect which means that if an individual is covered under such laws, their rights extend outside of the country they live in, in relation to service providers who are established outside the said country.

Like

2 Choose reputable providers

Not all insurtech providers are created equal. Some may have better security measures, data protection standards, and ethical practices than others. You should do some research on the reputation and track record of the insurtech providers you are considering. You can check their reviews, ratings, accreditations, and certifications. You can also look for signs of trustworthiness, such as transparency, accountability, and responsiveness.

Add your perspective

Rahul koul

Business Intelligence Consultant, Peer To Peer Consultant with Insurance Companies, Expansion Planning,Budget Forecasting,Resource Budgeting,Campaign Budgeting
Report contribution
Understand Data Usage: Familiarize yourself with how the insurtech platform uses and stores your data. Read the privacy policy to ensure transparency.Secure Communication: Use secure and encrypted communication channels when interacting with the insurtech platform to safeguard sensitive information.Choose Reputable Providers: Opt for well-established and reputable insurtech providers that prioritize data security and adhere to industry standards.Limit Data Sharing: Only provide necessary information and permissions. Avoid sharing more data than required for risk assessment.Review Privacy Settings: Regularly review and update your privacy settings on the insurtech platform to control the access and sharing of your information

Like

3 Limit your data exposure

While insurtech may offer you benefits such as lower premiums, faster claims, and personalized services, you should also be mindful of the potential costs of sharing too much data. You should only provide the minimum necessary data that is relevant and required for the insurtech service. You should also avoid sharing sensitive or personal data that is not related to your insurance needs, such as your health, financial, or biometric data. You should also review and update your data preferences and permissions regularly.

Add your perspective

4 Use strong passwords

One of the simplest and most effective ways to protect your data privacy when using insurtech is to use strong passwords. You should create unique and complex passwords for each insurtech account and service you use. You should avoid using common or easy-to-guess passwords, such as your name, birthday, or phone number. You should also change your passwords periodically and never share them with anyone.

Add your perspective

5 Enable multi-factor authentication

Another way to enhance your data privacy when using insurtech is to enable multi-factor authentication (MFA). MFA is a security feature that requires you to verify your identity with more than one factor, such as a password, a code, or a biometric. MFA can prevent unauthorized access to your insurtech accounts and services, even if your password is compromised. You should check if the insurtech providers you use offer MFA and activate it if possible.

Add your perspective

6 Beware of phishing and scams

Finally, you should be aware of the risks of phishing and scams when using insurtech. Phishing is a fraudulent attempt to obtain your data or credentials by impersonating a legitimate entity, such as an insurtech provider, an insurer, or a regulator. Scams are schemes that lure you into paying money or providing data for fake or non-existent insurtech services or benefits. You should be vigilant and skeptical of any unsolicited or suspicious emails, calls, messages, or links that claim to be from insurtech sources. You should also report any incidents or attempts to the relevant authorities or platforms.

Add your perspective

Priya Misra

Legal Head | InsuranceDekho
Report contribution
There are multiple instances of customers becoming victims of fraud. When approached by a representative of an insuretech for insurance or any other offering, the person should ask for identification and verify the same through independent means. Insurance, especially life insurance can be expensive and individuals not adept at using technology can be easy targets for conmen.

Like

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

Add your perspective

Chintan P Mehta

LinkedIn Top Voice-Insurtech & Leadership | CEO - Principal Officer I India Ambassador-TDI I Executive Fellow-Woxsen Universitry I Insurtech Evangelist I Mentor I Driving Innovation and Efficiency
Report contribution
Compliance with Regulations: Insurance being a highly regulated product in most parts of the world, it is extremely essential to verify that the InsurTech complies with data protection regulations and standards in your region. They should have mechanisms in place to handle data breaches and notify users promptly, in case of any such incident.

Like

How can you protect your data privacy when using Insurtech for risk management?

1

2

3

4

5

6

7

1 Know your data rights

2 Choose reputable providers

3 Limit your data exposure

4 Use strong passwords

5 Enable multi-factor authentication

6 Beware of phishing and scams

7 Here’s what else to consider

Insurance

Rate this article

Thanks for your feedback

More articles on Insurance

More relevant reading