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