Europe - Insurers at risk under data protection laws
Friday, 05 26 2017, Category: Insurance and Reinsurance, Country: Europe
Insurers will have to delete two thirds of the records they hold on past customers, losing a vital sales pipeline, under new data protection laws, research from Consumer Intelligence and fast.MAP suggests.
Companies must obtain explicit permission from customers to store their information under GDPR, which becomes law on May 25, 2018, or risk a fine of 4 percent of global turnover or £16.5 million.
As well as changing how new customers opt in to allow insurance companies to store their personal information, companies must also get permission to keep information about any previous customers on file. If they don’t get active consent by the May 25 deadline, they will be required to delete millions of records.
Source: Intelligent Insurer