With the rapid development of technology-based products and services in recent years, information technology seeps into the pore of people’s daily life by adding value-added services in products. Insurance has seen a rapid increase in technological advancements, which has led to an ever-growing risk of privacy, not just in this industry but across all the technology sector. Given this scenario, more data is collected, which increases the risk of data theft, and cyber risk and existing research shows that most organizations do not have enough resources to prevent data breaches, deal with notification responsibilities, and comply with privacy laws. Talesh, S. A. (2018) shows how insurance companies play a critical yet unrecognized role in assisting organizations in complying with privacy laws and dealing with cyber theft.

The scope of this research is to make insurance companies be on the front foot of the existing and upcoming privacy laws being incorporated and recommending efficient ways to comply with these laws internally and when exposed to an audit. Additionally, another goal of this paper is to identify and suggest ways to increase user adoption within the Telematics segment, which has been a talking point in the automobile segment of the insurance industry where it has been adopted by 20% of the consumer market as of 2016 but has a potential of taking over the entire section as more data is collected as the days pass by. With such changes, the terms and conditions of every privacy policy are becoming something more than just a fine print.