I recently wrote about the considerable impacts that the Global Data Protection Regulation (GDPR) will have on insurers. GDPR will touch virtually every function within insurance companies including IT, marketing, claims, pricing and underwriting, and fraud prevention.
Despite this month's compliance deadline and its significant impact, many companies have no plan for GDPR, because they do not believe that it will apply to them. NTT Security found that four in 10 companies globally feel this way, with 75% of US businesses indicating that their companies would not be affected. This is a mistake.
If you do business with EU residents, those residents can demand protections. According to Globe Newswire, 52% of US businesses possess data on EU residents. American expats who still own houses in the US, EU citizens with vacation property — all with homeowners insurance — are a few glaring examples.
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