When it comes to the GDPR, many insurance companies need more information about the practical steps they can take to achieve compliance.
The GDPR can offer significant opportunities like better customer relationships
In our recent workshop, we looked at how insurance providers can get their data in order, including managing complex legacy systems.
A good question to ask is: “Would my organisation pass the test if the regulator measured the practical implementation of our policies and procedures on a day-to-day basis?” If the answer is no, then you’re not only risking a fine, but you’re also missing out on the opportunity to leverage greater value from the data you already have.
Managed well, the GDPR can offer significant opportunities like better customer relationships. That’s why, during research for our latest white paper, it was great to see that 78% of our insurance businesses have conducted an information audit to map data flows. Even more reassuring, 89% have a process in place to detect and report a data breach.
But there’s still plenty of work to be done. Worryingly, just one third of our insurers are confident that their whole organisation is fully aware of the importance of better data management under GDPR. In fact, one in ten still think it will have an adverse effect on the ability to market to customers.
Luckily, these challenges are manageable. To find out more about our discussion, including numerous insights into how to demonstrate compliance and leverage opportunity from the GDPR, take a look at the white paper.