Insurance EuropeInsurance Europe
European Data Protection Day welcomed

Every year, European Data Protection Day is held on 28 January to inform and educate consumers about their day-to-day rights about data protection. Insurance Europe supports the objectives of yesterday’s European Data Protection Day, as data protection is vital to both insurers and their policyholders.

Insurers recognise the importance of data protection, since data processing lies at the very heart of their business. Insurers collect and 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.

Increased digitalisation has resulted in an increased volume of data, and consequently insurers have an even greater responsibility to treat customers’ data securely and confidentially. As the insurance industry is built on trust, the security and privacy of customer’s data is treated very seriously.

The General Data Protection Regulation (GDPR), which enters into force in May 2018, establishes a harmonised data protection framework across the EU. The Regulation is designed to give consumers more control over their data in a digitalised world by ensuring that all EU consumers benefit from the same strong, up-to-date data protection rights, regardless of where their data is processed.

Insurance Europe has and will continue to contribute towards the important discussions around data protection at a European level.

Those contributions are available here.

Published 29 January 2018