The General Data Protection Regulation (GDPR), which was introduced on 25th May 2018, is a major change that will impact the insurance companies in what they can do with their customer data.
Customer’s personal data is the heart of the insurance business. This data processed by insurers comes from a variety of sources (customers who use the insurance service, the organisation’s staff or even the third-parties when claims are notified), and also contains various types of information, which can be highly sensitive (state of health, identity of individuals, bank details, etc).
Processing this data therefore requires the greatest prudence. The GDPR strengthens and unifies data protection from exploitation by:
• Guaranteeing data portability
• Right to be forgotten
• Reporting data breach
Insurance companies will have no choice, but to adapt to this new environment. They will have to appoint a Data Protection Officer (DPO) to oversee compliance, and to ensure that processors and service providers meet the same GDPR obligations or map out all the data held.
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