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Deloitte's 2020 consumer survey found privacy concerns could present formidable challenges to insurers when it comes to earning consumer trust and convincing buyers to readily share more data. (Photo: Rawpixel.com/Shutterstock.com) Deloitte’s 2020 consumer survey found privacy concerns could present formidable challenges to insurers when it comes to earning consumer trust and convincing buyers to readily share more data. (Photo: Rawpixel.com/Shutterstock.com)

Instead of taking a defensive approach to consumer privacy by focusing mainly on data protection and regulatory compliance, what if insurers strove to become more transparent and proactive in communicating with policyholders about the new types of information they want, why they need it, how they intend to collect it, and what added value they could offer in return?

Might privacy policies be reimagined and turned into a competitive differentiator?

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