How to troubleshoot Excel taskpane error 'ADD-IN ERROR The service required to use this feature is turned off. Check your privacy settings.'

Users may encounter the following error when loading the Active Workpapers add-in (task pane):
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​ADD-IN ERROR
​The service required to use this feature is turned off. Check your privacy settings.
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This issue occurs when Excel privacy settings are disabled, either by the user or by their IT team via policy.

In Excel, Go to File → Options → Trust Center. Click Trust Center Settings.
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From the left-hand menu, select Privacy Options. Then click Privacy Settings.
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Enable “Turn on optional connected experiences.”
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Click OK to save the changes and Close Excel. Afterwards try reopening a binder which will reload the Active Workpapers add-in. The error should now be resolved.