GDPR and its impact on insurance companies

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The European Union's General Data Protection Regulation (GDPR) is considered the most important legislation regarding personal data protection, globally. Coming into full force on May 25, 2018 after a two-year transition period, GDPR introduces several provisions that are distinctly more stringent than the preceding Directive 95/46/EC. While meant to be industry-agnostic, GDPR has a profound impact on the insurance industry.

This whitepaper touches upon some of the more far-reaching challenges that GDPR poses for insurers before highlighting the opportunities presented, such as the increasing need for cyber cover.

Topics covered:
• Challenges related to personal data, pricing and underwriting.
• Implications for fraud prevention.
• Automated decision making.
• The rights of data subjects.
• Opportunities for insurers to improve performance and win customer trust.
• The emergence of cyber risk cover.

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