MGA : TPA
“ Insurers have to build privacy by design into their systems ”
ALAN CALDER CEO , GRC INTERNATIONAL GROUP
worthwhile in return . This is no different within the insurance industry , which has historically driven the enhancement of both security and safety across many industries .”
Caroline Carruthers explains how insurers can do this : “ Black boxes on cars are a great example of how data can help both the consumer and the insurer : by giving more ‘ at risk ’ drivers a chance to prove that they drive safely , insurers give them a route out of having to pay a higher premium , whilst insurers get the peace of mind that a financial incentive will generally encourage drivers to be more cautious . However , insurers should also be looking at this as an educational tool rather than a heavy-handed stick : data shouldn ’ t just be used to charge less cautious drivers or less healthy people more for their insurance . Rather , it should be used to reward those who are doing better . Ultimately , it ’ s in an insurer ' s best interests for someone not to claim , so positive reinforcement of good , non-risky behaviour will benefit them too .”
62 November 2022