Incumbent/InsurTech Partnership: Security and Data Privacy

As digital service offerings increase in adoption and capabilities, enterprises can gather more and more data about customers and visitors which is then used to give insight into customers and their buying patterns.

Sometimes this data even includes personally identifiable financial and health information. Protecting this data and providing it to customers and third parties in a secure manner is a challenge for the financial services industry (PwC).

According to InsurTech NZ and Ernst & Young’s 2019 report, concerns around the use of IT / technology systems and data security are one of the main barriers for incumbents to engage with InsurTechs.

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