Is data the new black gold for insurers?
In Cannes, on October 12, Dawex co-founder Fabrice Tocco participated in a round table hosted by SCOR Global Life on the topic of new data, new uses, and new frontiers for personal insurance providers. The event took place as part of the 28th International Conference of Health and Life Insurance and Reinsurance Providers (Reavie).
Considered by many as the new "black gold" for companies, data and new data uses were at the center of discussions during the event.
As co-founder of the leading data marketplace, Fabrice Tocco was able to clear up certain doubts regarding the use of data in the insurance market. In particular, he answered questions by Olivier Cabrignac, Deputy Director of SCOR Global Life for France, Maghreb, and French-speaking Africa. Also present were:
- Magali Monot, Technical Director, Pro/VSE Market Director, April Santé Prévoyance
- Alexandre Ple, CEO and founder, Umanlife
The European Commission estimates that, on a European scale, the data market can generate GDP growth of 340 billion euros and create 10 million jobs. Despite the clear attractiveness of the market, insurers still feel hesitant, as Magali Monnot says: "We are more data buyers than sellers".
One of the first doubts expressed by companies in the sector is related to the fact that data is too strategic to be sold. Dawex's CEO chose to respond to that opinion by indicating that some data is certainly too strategic, that is not necessarily true for all data:
"Suppose that an industrial agri-food company has ten years of information about its equipment maintenance. There is nothing strategic about that data for their business activity of producing and selling canned goods. But that data may interest other industrial companies and serve as a source of additional revenue."
Another major question was brought up: that of regulation. Indeed, application of the new European Regulation on Personal Data Protection (GDPR) is a real barrier to the sale and sharing of data, particularly due to the right of all Internet users right "to be forgotten." Nonetheless, Dawex's CEO feels that the regulation is essential:
"If we want to see a data market emerge, there must be clear and well-planned regulation."
Public and private companies across all activity sectors come together on the Dawex global data exchange platform, where they can meet and monetize their data in a secure and regulated environment. Many insurers have already joined as members and met companies in diverse sectors such as energy, health, transportation, and much more.