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“After four years of work this represents a major step forward in the development of the EU regulatory framework on data protection. Insurance Europe has engaged with relevant stakeholders throughout this process. For example, it has reiterated the benefits for consumers when insurers are able to collect and process their customers’ personal data in order to tailor and price products more effectively.
“It has also stressed the importance for the new regulation to embrace customer trends in favour of digitalisation and not impose unnecessary constraints that would prevent last minute purchases of online insurance coverage by customers. Similarly, given that fraud can lead to price increases for honest customers, Insurance Europe highlighted why insurers need to be able to retain and process data in order to detect and prevent fraud, as well as to conform to other regulations.
“Further work will, of course, be needed to bring this regulation into force, and its impact will only truly be known once the delegated acts and implementing measures are finalised. Insurance Europe will continue to closely monitor the situation and engage with the relevant parties throughout this process. This will be done to ensure that the final regulation allows insurers to use data responsibly to innovate for the benefit of their customers, while ensuring that such data is adequately protected.”