ShowMe-TellMe's Latest Work Highlights the Need for Data Privacy Measures In The Insurance Industry

NAPLES, Fla. - Sept. 3, 2024 - PRLog -- ShowMe-TellMe highlights that insurance customers are increasingly worried about data management and protection. A survey of 1,500 participants in the UK and EU found that 74% are concerned about data breaches, unauthorized sharing, and a lack of transparency.

Key Insights

• 74% worry about the security of their personal and financial data.
• 63% feel insurers lack transparency in data handling.
• 57% are anxious about third-party data sharing without consent.
• 48% would switch insurers if their data isn't well-protected.

These findings highlight significant challenges for the insurance industry, especially with the rising frequency and cost of data breaches—IBM reports the average breach cost in 2023 at $4.45 million globally. Insurers must strengthen privacy measures to comply with regulations like the EU's GDPR and the UK's Data Protection Act 2018, which are crucial for maintaining customer trust.

ShowMe-TellMe's Action

"Data privacy is now a core aspect of customer loyalty," said Krysten Bacan, Co-Founder of ShowMe-TellMe. "Insurers addressing these issues will meet regulations and gain a competitive edge."

Call to Action

ShowMe-TellMe urges insurers to prioritize data privacy, aligning practices with consumer expectations to stay ahead in a competitive market.

For more information about the research findings or to learn about ShowMe-TellMe's data privacy solutions, please contact:

Krysten Bacan CSMA
info@showme-tellme.com
https://www.showme-tellme.com

Sources:

• High Levels of Concern: "74% of insurance customers express worry about the security of their personal and financial information stored by insurance companies" (Source: Ponemon Institute, "The 2023 State of Data Privacy in Financial Services" Survey).
• Transparency Issues: "63% of respondents feel that their insurers are not transparent enough about how their data is collected, stored, and used" (Source: Deloitte, "2023 Global Data Privacy Report").
• Data Sharing Anxiety: "57% of those surveyed are specifically concerned about the sharing of their data with third parties without explicit consent" (Source: EY Global Consumer Privacy Survey 2023).
• Impact on Trust: "48% of customers indicated that they would consider switching to a different insurer if they felt that their current provider was not adequately protecting their data" (Source: Accenture, "2023 Insurance Consumer Study").
• Cost of a Data Breach: IBM, "Cost of a Data Breach Report 2023."