The introduction of the EU General Data Protection Regulation (GDPR) in May 2018 represented, for many insurance companies, the culmination of a multiyear transformational compliance project. Now, as we approach GDPR’s first year anniversary, the regulatory trend that began in the EU looks set to spread across the globe.
In this article, we examine how the insurance sector may be affected by significant new privacy laws in California, Brazil and India. We do so in the context of three key issues at the confluence of privacy and insurance:
- data-led decision making
- customer rights
- data breaches and liability
The impending wave of new laws modeled on GDPR promises both benefits and drawbacks for insurance companies. The laws bring well-documented compliance challenges.