Failure to streamline processes in time for the arrival of General Data Protection Regulation (GDPR) could leave insurers increasingly vulnerable to disruptors including Amazon – which looks to be dipping its toe into the industry.
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The new GDPR provides a potential avenue for a collective enforcement of rights against giants of industry and tech that would currently be prohibitive for individuals to pursue alone. This is great news for customers but less so for large insurers, who may have been able to lever their legal expertise in a typical David-versus-Goliath scenario,” Wilks said. Insurers will need to regularly engage with their customers to make sure they have continued consent to process their data under the new regulations, he went on to say. Processes will need to be streamlined and transparent so that all parties comply with any request within a reasonable timescale.