For those insurers considering using big data, Facebook’s recent block of an insurer will probably have left you in an awkward position. The scandal left customers creeped out, angry and wary. As with anything new, businesses move much faster than regulators do. So it’s down to insurers to turn this situation around. To do so they have to be upfront with consumers that there are risks involved, but remain open about how they plan on using their data – leaving no room for doubt. Insurers must also reassure customers that the benefits, such as offering customers customized experiences, outweigh the negatives. Read more: insurtechnews.com
