Trust was a soft factor for a long time. Today it is a hard currency. It is measurable, regulated and, in case of doubt, can be decisive for a company’s existence. The economy is increasingly based on data, which is why competition is shifting: it is no longer just price, product or performance that is decisive, but the ability to systematically build, secure and defend trust.
Digitalization has created a paradox. It has never been so easy for companies to collect, evaluate and monetize data. At the same time, users’ mistrust has rarely been so pronounced. Every data point, whether from an insurance policy, a wearable or a financial app, is not only an asset but also a potential risk. At the latest since the consistent application of the regulations of the new Swiss Data Protection Act (DSG), the General Data Protection Regulation (GDPR) or GDPR, it has become clear that trust is no longer a communication promise, but a regulatory category.
From image to infrastructure
Many companies still treat trust as a brand value. Something that can be shaped through campaigns, claims and customer experience. But this view falls short. Today, trust is not created in marketing, but in the architecture of systems. It is reflected in the question of how data is collected, who has access, how transparent processes are and how quickly a company reacts in an emergency.
This shift is particularly evident in the insurance and healthcare industry. Anyone starting to work with sensitive data, whether biometric information, behavioural data or predictive risk models, is moving into a space in which trust must be operationalized. “Privacy by design” is not a regulatory buzzword, but a strategic imperative.
The economy of mistrust
Interestingly, trust can also be defined by its equivalent value: Distrust. Data leaks, non-transparent algorithms or unclear consent processes have direct economic consequences. For example, customers drop out, regulatory sanctions take effect or brands lose value. Trust thus becomes a kind of hidden balance sheet item that is invisible but can be written off at any time.
This poses a double challenge for insurers. On the one hand, they are traditionally active in the business of trust. On the other hand, digitalization and new data-based business models mean that they are increasingly entering territory that makes them vulnerable. Anyone who assesses risks must also understand their own systemic risks, and this includes dealing with data.
New competitive dynamics
At the same time, the competitive situation is shifting. Technology companies, platform providers and health techs are introducing new standards to the market. They are not thinking about trust from the perspective of compliance, but as an integral part of their product. User interfaces, consent management and data transparency are becoming differentiating features.
For established players, this means that trust is no longer a given, but must be actively earned, and earned continuously. It is not enough to meet minimum regulatory requirements. If you want to use trust as a strategic advantage, you have to go beyond this and translate it into a visible value proposition.
Trust as a business model
The real shift is that trust itself is becoming a product. Customers are increasingly opting for providers that they trust to handle their data responsibly. This decision is particularly pronounced in sensitive areas such as health, pensions and financial planning.
This creates a new playing field. Companies that operationalize trust credibly can scale it across products, services and entire ecosystems. However, the prerequisite for this is a clear strategic decision: trust must not be a by-product, but must be consciously designed.
The key question is therefore no longer whether trust is important. It’s about who can develop a resilient business model from it. For the data-driven economy, this is no longer a soft factor, but a decisive competitive advantage.
Binci Heeb
Read also: Focus on data protection: The new data protection law and its consequences
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