Zurich Insurance Group is pledging to protect consumers’ data through a new policy it claims will well exceed legal requirements. The carrier’s goal with the effort is to boost transparency and further its ongoing sustainability strategy.
“In today’s digital world, winning our customers’ trust is dependent on cutting-edge cybersecurity and transparent, market-leading data protection policies,” Zurich Group CEO Mario Greco said in prepared remarks.
Greco added that the policy helps further Zurich’s 150-year focus on building customers’ confidence that it will do the right thing.
“With this new pledge, our approach to data commitment honors this trust with transparency around how we use customers’ personal data,” he explained.
Specifically, Zurich said it will protect customers’ personal data and never sell or share it without being fully transparent. If it does plan to sell or share data, customers will be fully notified about the practice and which other entity will see the data. As well, any third party with whom Zurich does share personal data is bound by an enforceable contract, which sets out how that personal data can be used, Zurich said.
The policy is also designed to exceed legal requirements in the idea that it can inspire customer confidence in a digital society – a key element of its sustainability strategy. Along those lines, Zurich said it will use data to do best for customers, such as to provide innovative services that help prevent incidents, expanding traditional protection that insurance provides. Data could also be used for smart home protection, innovative travel insurance, and coverage that improves health and well-being.
“Our ambition is to be one of the most responsible and impactful businesses in the world,” Greco said. “No single actor can solve complex societal issues like globalization, digitalization or climate change alone. To help manage the risks and benefits they present, we must take bold action [and] our new data commitment is in line with this ambition. It goes to the heart and flow of how we behave as a business and we believe it is a just and right thing to do.”
Source: Zurich Insurance Group