Give me back my data: what insurers can expect from GDPR

A new data protection regulation which comes into force from May 25 in Europe will offer customers more insight into insurers’ decisions with regards to pricing and claims payments, increasing the likelihood of disputes while facilitating the switch to a different provider, as Intelligent Insurer discovers.

A new data protection regulation which comes into force from May 25 in Europe will offer customers more insight into insurers’ decisions with regards to pricing and claims payments, increasing the likelihood of disputes while facilitating the switch to a different provider, as Intelligent Insurer discovers.

While penalties for the infringement of the European Union’s General Data Protection Regulation (GDPR) of up to 4 percent of a company’s worldwide annual turnover have dominated discussions, the new rules are also expected to have a broader impact on insurance operations including pricing, claims handling, research and development and underwriting.

GDPR regulates the collection, storage, processing, access, use, transfer and erasure of personal data. It will establish responsibilities for the "controllers" and "processors" of personal data.