Kannan, the Senior Vice President and Global Head of Insurance at Infosys, has highlighted the importance of digital trust in the insurance industry. With the increasing number of online users and activities, there is a growing concern about the vulnerability of customer data to hackers, phishers, and scammers. Insurers must focus on building and maintaining trust with their customers while protecting their privacy and providing accurate information in a world inundated with content.
Digital trust is crucial for insurers to provide products that meet industry standards and exceed customer expectations. Establishing open lines of communication, obtaining feedback, and ensuring positive digital sentiment are key to gaining industry recognition. Protecting digital privacy is essential, as customers are bombarded with requests for information and face challenges in discerning legitimate communications from scams. Insurers must comply with government regulations on data privacy and actively advocate for industry-wide standards.
The advent of AI and quantum computing poses additional challenges for insurers in safeguarding customer data. AI technology can enhance operational processes but raises concerns regarding financial and ethical implications. Quantum algorithms can bypass traditional cybersecurity defenses, necessitating the development of quantum-safe algorithms to protect sensitive data. Obtaining DMARC certification and Verified Mark Certificates are crucial steps for mitigating email-based attacks in an era of evolving cyber threats.
In educating customers about regulatory standards and data protection measures, insurers must communicate in a clear and approachable manner. Simplifying content and avoiding jargon can help foster trust and engagement without overwhelming customers. Marketing efforts should be informative and supportive, offering customers the choice to interact at their own pace and convenience. Balancing human interactions with AI assistance is key to delivering a personalized and efficient service that resonates with customers in a digital age.
As a member of the Forbes Finance Council, Kannan emphasizes the importance of trust and transparency in the insurance industry. By prioritizing digital trust, protecting customer privacy, and adapting to technological advancements, insurers can strengthen their relationships with customers and maintain a competitive edge in an evolving market. Kannan’s insights underscore the significance of building a resilient digital ecosystem based on trust, security, and customer-centric practices in the insurance sector.
