Presentation: Data regulation - the EU's General Data Protection Regulation (GDPR) and its impact on the insurance industry
With just under one year before compliance with GDPR is required, it is concerning that very few insurers' plans are fully developed or at an advanced state. Compared to Solvency II, with one year to go to compliance insurers were in testing and dry run mode, with most project activities already completed.
The insurance sector faces one of the biggest challenges in achieving GDPR compliance due to:
- The volume, type and sensitivity of personal information processed by insurers.
- The extended value chain with third parties.
- The inherent challenges posed by a complex set of legacy systems and the associated control environment.
Insurers are going to have to sprint to achieve compliance and ruthlessly prioritise on high risk / high impact areas first.
Chris Suk, Senior Manager, KPMG