Digitalisation and Data Ethics in a Global World

The rapid technological development in recent years have in many ways changed the way in which companies operate. This is also the case for the insurance and pension industry, which constantly innovates in order to remain relevant for consumers. New technologies such as artificial intelligence will have a great impact. New solutions based on these technologies allow the insurance and pension industry to increasingly think in terms of new processes, new products, and new services for the consumers.

Data ethics in a global world

The rising level of digitalisation and impact of new technology raises a number of ethical dilemmas. Even though the increased amount of data gives the insurance and pension industry new possibilities for using data to provide new products for the consumers, it is important to keep in mind, whether or not it is ethically acceptable to use the data available.

We believe that a responsible, trustworthy and ethical approach to digitalization and use of new technology is paramount to ensure trust between the industry and customers.

Cool or Creepy – data ethical principles

Trust is a prerequisite for working in a data-driven manner. In the insurance and pension industry, we are - and have always been - data-driven. Therefore, it is important that we create understanding and trust in the industry's use of data.

F&P - Insurance & Pension Denmark generally work towards a high level of transparency, accountability, and security.
Therefore, the insurance and pension industry has developed common data ethical principles - a data ethical industry standard.

The industry standard for data ethics is named "Cool or Creepy, data usage and the principles of data ethics in the insurance and pension industry."

The purpose of "Cool or Creepy" is to make data ethics a position of strength and ensure continued confidence in the industry's use of data.

We believe that having introduced ethical guidelines and choices will become a competitive advantage for the insurance and pension industry in the future. Consumers must have faith in the industry using their data in a responsible manner and we believe in transparency regarding how consumer data is being used.

The insurance and pension industry in Denmark was the first industry to develop data ethical principles and specify what data ethics means in practice. The industry standard for data ethics was developed in 2019 and subsequently launched and implemented in 2020.

On this page, you will find a link to our data ethical principles, which are based on the three main headings: Transparency, Personalization, Prevention, and Data Security.

You will also find links to the analysis and reports, that created the groundwork for the industry principles.