GDPR is going to create a significant headache for the insurance industry.
However, there is also a strategic opportunity for insurers to think through how they are going to use data. Wisely created strategy will give some insurers a significant advantage over those who do not invest significant thought and resources to optimising the use of their data, while complying with the new regulations.
Which insurers will be the winners and who is going to lose out? I think I could probably produce a ranking list already but let's wait and see what happens!
An overhaul of UK data protection laws that will effectively implement the EU General Data Protection Regulation (GDPR) will have a significant effect on the insurance industry, according to one expert. Among a number of changes that the new Data Protection Bill will bring in is a strengthening of the ‘right to be forgotten’ rules, which will give more power to consumers as to the use of their personal information. However, under the GDPR, the onus will now be on the data controller to demonstrate why it should be allowed to continue processing the data, which will have “considerable” ramifications for the insurance industry,