Data processing is key for insurers and consumers

Insurers recognise the importance of data protection, since data processing lies at the very heart of their business. Insurers process data to analyse the risks that individuals wish to cover and this allows them to tailor their products accordingly.

Data processing also plays an essential part in evaluating and paying policyholders’ claims and benefits as well as in detecting and preventing fraud.

The new European data protection regulatory framework — the General Data Protection Regulation (GDPR) — became fully applicable on 25 May 2018. It introduces new requirements for insurers, provides enhanced rights for consumers, strengthens data authorities’ powers and establishes high upper limits for fines in cases of non-compliance.

On the second anniversary of the introduction of the GDPR, Insurance Europe published an insight briefing setting out its views on the Regulation ahead of the European Commission’s upcoming review.

Infographics

Insurance Europe has also published infographics with overviews of insurance consumers’ rights and insurers' obligations under the GDPR.