Transparency in the use of data is becoming more important and customers are likely to become ever more demanding and controlling in how it gets used. Hence, customer loyalty with your brand is never more important than during the next 12 months.
The introduction of the GDPR is going to have a significant impact on the insurance industry. ...the biggest effect is going to be on how the industry deals with the processing of sensitive personal data, where there are specific issues. The GDPR will introduce new, more stringent requirements for securing consent when collecting and processing personal data. Many insurance products and policies rely on personal data being provided for arranging and underwriting purposes and for when claims arise. Many of these products, such as consumer policies like health or travel insurance, will involve sensitive personal data. Under the GDPR this is termed special category data. The issues for the insurance industry is that, unlike the healthcare sector for example, there is no specific grounds under the GDPR for processing sensitive personal data.