We held the second in our Privacy vs Personalisation breakfast series on 25th September. Focusing this time on the General Insurance space we drank coffee, ate croissants and explored how the world of personal data can be used to help deliver better outcomes to people.
A special thanks to Nathan Kinch and Xaio Ma for being our guest speakers this time – some great insights around how to engage the consumer in a way that they trust and also what’s needed to build a trusted enterprise platform for industry in this space.
Some of our main take-ways are below and, as with past breakfasts, please continue to use the META Finance community to raise ideas, meet new people and challenge us on how we accelerate the work being done by big business in this space…sign-up for updates on this link
What were we trying to achieve?
– Our mission at META Finance is to bring people together to discuss how to use data to deliver better consumer outcomes within Financial Services. We believe all firms, big and small, have a role to play here and our breakfasts act as a convening tool to progress the conversation
– We aim to bring thought leaders together with representatives from established firms and start-ups, together with the META Finance Associates, to debate what we can better
Who presented?
– Ben Leonard, Founder of META talked through the Digital Trust campaign that META Finance is leading on, why we are doing it and how firms can help us to progress this (link to slides)
– Nathan Kinch, Co-Founder of Greater than X talked through their Data Trust by Design (DTbD) framework, the customer feedback to date and also their experience in trying to work with organisations to embed this thinking into their design and proposition approach (link to slides)
– Xaio Ma, Co-Founder of HAT talked about their work with insurance providers to enable a better approach to how they manage personal data (link to slides)
What did we discuss?
– The concept of Finance as a Service, an evolution from the world of today where most of us go to a Financial Services provider to get a product or service. We debated how Insurance as a Service changed the way of thinking about distribution, partnerships and the competitive landscape with Motor being a good example. A Digital Trust framework is key for this.
– How larger firms think (or don’t think) about Trust, who owns it and how do we bring together the different components of Privacy, Security and Transparency
– The extent to which the level of “burningness” (insufficient opportunity or threat) within Financial Services firms means that don’t feel the need to act on this.
– Whether consumers actually care about this and if they don’t how do we make progress…”just because consumers don’t seem to care doesn’t mean this doesn’t matter”
Some of the ideas to take forward?
– We need to use baby steps, as outlined in the Data Trust by Design framework, to evolve the Digital Trust agenda in firms and create more opportunities to experiment
– Focus on Mobility as a specific area within General Insurance to develop the Digital Trust narrative perhaps through a coalition of different organisations
– We need to embed new ways of gathering and connecting behavioural data from digital engagements with existing actuarial and consumer research perspectives to drive action.
What next?
– META Finance is seeking to define an industry strategy and potentially a chartermark for Digital Trust. We are:
1) looking to hold a CEO Roundtable and run a Hackathon in December/January to evaluate the desire and approach to deliver progress in 2019
2) continuing to run these breakfast forums alongside our practitioner workshops ahead of our Digital Trust Summit in June 2019. These breakfasts will inform the Summit agenda.
– Our next breakfast will focus on Consumer Lending (primarily Mortgages, Credit Scoring & Credit Cards) and will be held on Wednesday 5 December
– We will be rescheduling the Data Trust by Design workshop during December. Please register your interest through our Contact Us page
How can you help?
– Please spread the word and support us in building the Digital Trust community
– Find people who disagree that this is important. We want to better understand the naysayers and address their arguments
– Help us help you…what could META Finance be doing to support your firms?