The EU General Data Protection Regulation (GDPR) will strengthen and unify data protection for all citizens of the EU. This will be a headache for European insurance providers, who must change the way they store, handle, process and report on breaches of their customers’ information.
Insurers will be faced with two choices:
1. They can make changes to their system in-house, wrapping cobbled-together solutions around existing frameworks, which won’t necessarily make it easy to prove compliance (and will unfortunately be labour- and resource-intensive, and costly)
2. They can implement new, up-to-date, digital solutions, with built-in compliance.
Sapiens’ white paper explains the GDPR challenges waiting for insurers and offers an effective path towards full compliance.