A risk based approach to changing data regulation is the answer, say insurance heavy weights in One Connected Community’s latest research tackling the GDPR

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Aviva, Liverpool Victoria and Munich RE executives agree, taking a risk based approach to GDPR compliance ahead of deadline day and beyond is a chief strategy for the industry in One Connected Community’s (OCC) whitepaper, ‘A Risk Based Approach to GDPR.’OCC speaks to 18 senior executives throughout the insurance industry to identify their unique challenges and opportunities in defining a strategy to not only comply with the new regulation, but to re-build customer relationships from the ground-up.

Whether it’s managing customer consent, the underwriting process or sharing data with competitors, one things is clear – insurance faces a range of unique challenges.

Steve Jackson, Head of Financial Crime & MLRO, Covea Insurance, highlights data portability as a potentially troublesome element of the GDPR. He says:

“Data portability risks competitors being able to get insight into your underwriting process, which is the key differentiator for many insurers.”

Regardless of specific challenges under GDPR, the group of senior insurance executives agree throughout the whitepaper that the way forward is to take a risk based approach to help assess the potential for non-compliance, and highlight those elements of the GDPR that pose the greatest risk.

No doubt, the insurance industry has a big mountain to climb - a challenge made even tougher where the regulation is unclear.

As Kevin Willis, Group Data Privacy Director, Aviva, says:

“Some of the requirements of the regulation are quite clear, while others are open to interpretation.”

The complexity around compliance when it comes to things like data retention, deletion and portability can then be prioritised based on the risk they pose to the business.

OCC’s newly published whitepaper ‘A Risk Based Approach to GDPR’ is available to download here:
https://www.oneconnectedcommunity.co.uk/insurance-gdpr-whitepaper

But there is also light at the end of the tunnel.

As Jason Campbell, Insurance Industry Lead, Hitachi Solutions, puts it:

“An insurer that can demonstrate transparent data management and reasonability not only avoids the costly fines, but increases trust and recognition as a professional body.”

This research highlights that despite the many interpretations of the risks and opportunities that exist around the GDPR, it is crucial to identify your priorities, create a plan and stick to it.

With the best will in the world, full GDPR compliance by May 2018 will be tough. There is no magic formula but a thorough plan based on business risk is the way forward.

As Jamie Harding, Partner, OCC puts it:

“Build a thorough plan, detailing risk and how you intend to work toward compliance. Every step of the way keeping evidence that clearly demonstrates you are focused on the rights and interests of the data subject.

“Our latest research will help insurers in this quest; encouraging a successful response to GDPR that not only ticks the compliance box, but leverages the considerable opportunity of increased customer trust too.”

OCC’s newly published whitepaper ‘A Risk Based Approach to GDPR’ is available to download here:
https://www.oneconnectedcommunity.co.uk/insurance-gdpr-whitepaper

About One Connected Community

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George Kiley

Jamie Harding
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