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GDPR and its impact on insurance companies

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.