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The Importance of Data Ethics in Insurance

4 minutes, 38 seconds read

In a world where digitization is rapidly making its way into our everyday life, challenges come as an add on package. Amongst many others, Data and Privacy are the most raised concerns. Be it any sector, consumers need assurance that their data is safe with the company. Insurance is one of the sectors that banks highly sensitive data of its customers. Data breaches, wrongful processing of customer data, using the personal information of customers without consent, etc. puts a dent in the company’s image. We have seen the scandal caused by the data breach at Facebook. 

In September 2018, Facebook announced that an attack on its computer network exposed the personal data of over 50 million users. According to Facebook, hackers were able to gain access to the system by exploiting a vulnerability in the code used for the ‘View as’ feature. The attackers stole the ‘access tokens’, which took over the user’s accounts and got access to other services. 

The need for data protection in Insurance

‘Trust’ is an essential part of the Insurance industry, failure of which can lead to loss of customer loyalty and subsequently loss of business. Insurance companies need to process customer data for calculating premiums, customized policies, claims, etc. 

In India, The Information Technology Act, 2000 (IT Act) and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 (SPDI Rules) set out the general framework for data protection. However, given the nature of the Insurance business and intermediaries, the Insurance Regulatory and Development Authority of India (IRDAI) has prescribed an additional framework for the protection of policyholder information and data, which Insurers need to follow in addition to the general framework under the IT Act. 

As India moves towards digitization, the IRDAI and IT Act are not enough to ensure proper compliance of data. The nation needs a comprehensive Data Protection law along with a governing body to oversee the implementation of the law. A draft of the Data Protection Bill was introduced in July 2018 which later was tabled on 11th December 2019 by the Indian Parliament. However, the Bill is being analyzed by a Joint Parliamentary Committee (JPC) in consultation with various groups. Indeed a groundbreaking step for our country, but it might have dangerous implications. The bill gives power to the government to access customers’ private data or government agency data on grounds of sovereignty or public order. 

The question is that will the government adhere to data ethics while processing this private data? The answer is unknown, but this step puts Insurance companies and TPAs under pressure to take steps towards data protection.

How can Insurers ensure data ethics

To ensure the privacy of customers and use data effectively, Insurers and intermediaries can adhere to the following measures-

Implementing risk management and IT security policies

Insurance is the most targeted industry by hackers. Also, with a lot of mobile workforce handling portable devices, monitoring data can be challenging. Companies need to protect data on the endpoint. The software should be installed on the systems directly and encrypting the data on portable devices such as USBs and hard drives. Growing risks in cybersecurity increased demand for Cyber Insurance policies. Cyber Insurance products are another such medium which helps in mitigating risks in the event of a cyber attack or a breach. 

According to a report by Data Security Council of India on Cyber Insurance in India, the Cyber Global Insurance market is prone to grow from a CAGR of 27% from 4.2 Bn to 22.8 Bn from 2017 to 2024. Insurers can also take measures such as setting-up internal policies and regular audits to keep a check on the data compliance. 

Consent mechanism for using policy holder’s data

A company might need data for internal purposes such as upgrading services for its customers. In such cases, companies should mention the purpose and set-up a proper mechanism for taking consent. Insurers can also give a status update on the project for which they used the customer data to keep the trust factor intact.

Using data-centric technologies

Human errors are unavoidable. But a second step validation can be set-up using disruptive technologies such as quantum computing, blockchain, Artificial Intelligence. These technologies not only ensure data security but also help in utilizing the customer data most efficiently.

[Related: 5 Proven Strategies to Break Through the Data Silos]

Ensuring transparency with customers.

In the event of a data breach, the company must inform the customers and take steps to contain the damage. In 2014, Anthem Healthcare was attacked which led to a data breach. They immediately sent out alerts to their customers informing of the possibility of their data leak. Subsequently, they also informed the media after 8 days. Furthermore, they contacted the FBI regarding the attack and hired Mandiant, a cybersecurity firm to assess the level of damage. As an essential part of data ethics, it is equally important to own the mistake and take appropriate measures.

[Related: AI in Insurance: Takeaways from AI for Data-driven Insurers Webinar]

Merits of the case: data ethics in Insurance

Data breaches can occur due to superficial monitoring of data flow; lack of accurate privacy design; poor internal audits; failure in conducting resistance tests; use of outdated security systems. 

The present crisis of COVID-19 has made data all the more vulnerable. As many employees are working from home, data security compliance has been an issue. Data protection bills and authority can act as watchdogs in the Insurance sector to avoid breaches. The Insurance sector should not see the law as a burden for additional compliance but rather an opportunity for long term customer trust. 

If you want to know more about the importance of data, and how to prevent data loss in other organizations that provide financial services, do read Financial services businesses must protect PII. DLP can help.

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What If the Sun Took a Day Off?

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Ever wondered what life would be like if the Sun took a day off? Picture waking up to an Earth shrouded in darkness, where temperatures drop dramatically within hours, plunging the planet into an icy chill. Plants, deprived of sunlight, would halt photosynthesis, leading to a food production crisis. Our reliance on renewable energy would face a sudden halt, causing widespread blackouts and chaos in cities across the globe.

A day without the Sun would throw our world into chaos! Luckily, that’s never going to happen (at least in our lifetime!). But this thought experiment underscores the Sun’s critical role in our lives and highlights why harnessing solar energy is so vital. While we’re increasingly turning to solar power, we are still missing out on capturing a massive amount of solar energy that falls on Earth every single day.

How Much Solar Energy Are We Missing Out On?

Every day, the Earth receives about 173,000 terawatts of solar energy from the Sun—more than 10,000 times the world’s total daily energy consumption. Despite this abundance, we only capture a tiny fraction of this energy. In 2023, solar energy accounted for just 4.5% of global electricity generation—a huge opportunity waiting to be tapped.

If we could capture just a small percentage of the Sun’s energy, we could power the entire world many times over. The total solar energy that hits the Earth in just one hour could meet the world’s energy needs for a full year. Yet, due to limitations in solar panel deployment, technology efficiency, and energy storage, the vast majority of solar energy goes unused each day.

As we improve solar technology and infrastructure, capturing more of this energy becomes not just a possibility but a necessity for a sustainable future. Let’s dive into how cutting-edge technology is making solar energy more accessible and efficient, helping to turn this untapped potential into real, usable power.

How Tech Makes Solar Adoption Easier

Customer-centric technology is revolutionizing the way we adopt solar energy. Imagine an app that allows you to simply point your smartphone at your house to estimate how many solar panels you need, their ideal placement, and the energy they can generate.

Here are the key benefits of this innovative approach:

  • Precision: By capturing images of your property through satellite, the app calculates the optimal placement of solar panels for maximum energy production. Studies have shown that precise placement can increase efficiency by up to 20%.
  • Customer Engagement: Users receive real-time insights into their energy production, helping them understand their solar power system better, whether they’re using Tesla solar panels, solar power generators, or even solar attic fans to optimize home energy usage
  • Seamless Experience: With user-friendly interfaces, consumers can easily monitor their solar systems remotely and receive updates on their energy output. This accessibility is crucial for encouraging the wider adoption of solar technologies.

The Tech-Driven Shift Toward Sustainability

As solar technology evolves, so do the solar panels themselves. Innovations like Tesla solar roof systems, flexible solar plates, and bifacial panels are redefining what’s possible in renewable energy. Even smaller systems—such as portable solar generators and solar air conditioners—empower homeowners to harness solar power efficiently.

Photovoltaic (PV)  panels, the cornerstone of solar energy, have seen incredible advancements, now boasting efficiencies of up to 22%. This means fewer panels are needed to produce more energy, making solar energy more effective for a wide range of applications, from solar shingles to off-grid systems.

Moreover, the push towards cradle-to-cradle sustainability is reshaping the industry. New solar panels are being designed with recyclability in mind, reducing their environmental footprint. Innovations in recycling technology now recover up to 95% of materials from end-of-life panels, ensuring that even the oldest solar systems contribute to a greener future.

While solar technology continues to advance, solar panels themselves are becoming more efficient and environmentally sustainable. Innovations such as systems, flexible solar plates, and bifacial solar panels are pushing the boundaries of what’s possible in renewable energy. Even smaller systems like portable solar generators and solar air conditioners are empowering homeowners to tap into the power of the Sun efficiently and sustainably.  Photovoltaic (PV) panels, the cornerstone of solar energy – now boast efficiencies of up to 22%​. This means a smaller array of solar panels for home or commercial use can generate more electricity. This makes solar energy systems more appealing and effective for various applications, from solar roof shingles to off-grid solar systems.

Moreover, the move toward cradle-to-cradle sustainability—where solar panels are built from materials that can be easily recycled—has gained traction. This reduces the environmental footprint even further. Innovations in recycling can recover up to 95% of materials from end-of-life panels, According to PV Cycle​, with room for improvement in recycling.

Making Solar Affordable and Accessible

Historically, one of the biggest barriers to solar adoption has been the cost. But things are changing fast. Innovations in financing models, such as Power Purchase Agreements (PPAs) and solar loans, have significantly reduced the financial burden of installing solar systems. According to the Solar Energy Industries Association (SEIA), the average cost of solar installation has dropped by over 70% in the last decade.

Couple that with federal and state incentives like the Investment Tax Credit (ITC), which provides a 30% tax credit on solar installations, and solar energy is more affordable than ever. Net metering programs, which allow homeowners to sell excess energy back to the grid, further enhance savings, making solar not only accessible but also financially rewarding.

Conclusion

The future of solar energy goes far beyond rooftop panels—it’s about making the entire solar experience intuitive, accessible, and sustainable. With smart apps and tech-driven tools, consumers can now manage their solar energy systems with just a few taps on their phones, making the shift to green energy simpler and more engaging.

At Mantra Labs, we’re at the forefront of this solar revolution. We’ve helped some of the world’s largest solar providers develop cutting-edge, customer-friendly solutions. Our mobile apps allow users to estimate solar panel needs, monitor system performance, and even track their environmental impact—all from the convenience of their smartphone.

Together, with innovative tech and a commitment to sustainability, we’re building a future where solar energy isn’t just an option—it’s the smarter, more accessible, and greener solution for everyone.

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