Rosie's report on the Consumer Intelligence research is quite correct. Insurers are well behind in their planning for GDPR and as it will involve considerable trial and error to get the best result, they are running out of time.
We are now working with a number of leading European insurers to consider exactly how they are going to build compliant solutions and make this bill as low as possible and the return as positive as possible.
It will take considerable time and effort on planning the business issues, so start now if you have not already done it!
Home and motor insurers face an estimated bill of £100m as a result of the impact of the General Data Protection Regulation. The new regulation will mean insurers will face fines of up to 4% of global turnover if they don’t receive explicit permission from customers to store their information. Without that, they will not be able to contact historic customers for selling opportunities. Leading home and motor insurance companies estimate generating 30% of business through old customers returning to the brand, but the research warns this will not be possible under GDPR. Insurers are being advised to start testing opt-in messages with their customers now and asking for permission to stay in touch with customers that have left.