Balancing GDPR compliance and commercial value

Ruwan Perera reveals how the insurance industry can thrive through compliance with GDPR.

The GDPR deadline approaches

As the deadline for GDPR compliance races towards us (May 2018), the insurance industry faces a balancing act — to put in place an effective compliance strategy that doesn’t impede business as usual, stifle innovation or inhibit growth. The big question on everyone’s lips is: how can you implement GDPR compliance in a way that delivers commercial value?

I firmly believe that it’s worth investing in your GDPR compliance, taking it beyond a tick-box exercise to achieve transparent and better data management.

Why GDPR is good news

The good news is that industry best practice is likely to be sufficient to satisfy the standards of compliance, meaning GDPR needn’t be the huge headache some are expecting. Also, GDPR and the transparency it introduces has the potential to generate greater customer trust and enable growth. The new regulation will have a positive effect on the quality of data and on the customer experience, including more precise targeting, pricing and underwriting.

Read our latest white paper — with contributions from David Nottingham, Head of Marketing Strategy at Wesleyan — to find out how you can deliver a GDPR strategy that not only mitigates the risks of non-compliance, but also balances the need for stand-out customer relationships and long-term business objectives. Contact us here to find out more information about our services and products.