As the videographic highlights, data privacy regulation is being updated for the digital age. The new GDRP regulations which will come into effect in 2018 poses a huge challenge to insurers. The task of making their legacy systems and processes compliant will be incredibly time consuming and costly and the repercussions of getting it wrong could be crippling.
But for InsurTech startups, whilst the regulations may seem daunting, they have a huge head start over industry incumbents. Startups have a unique opportunity to embed the regulation into their process during the design process rather than having to go back and fix existing processes. Whilst the risk of getting it wrong is equally severe, the ease of getting it right is much greater for a startup.
Either way, if you're an industry incumbent or an InsurTech startup, it's time to start preparing for GDPR, else you might find yourself in the headlines for all the wrong reasons.
In 2018, the #GDPR comes into force, affecting how #insurers use data https://twitter.com/PwC_UK/status/701821509069881344