Insurance and Security Part 3: Evolving Regulations from a Global Perspective
In this third part of a four-part series, Mark Breading, partner at Strategy Meets Action, and Charlie Hanna, director of Hyland Software’s Domestic Insurance Solutions Group, discuss the changing world of insurance regulations from a global perspective, including GDPR.
Mark Breading, Partner at Strategy Meets Action
Charlie Hanna, Director of Hyland Software’s Domestic Insurance Solutions Group
Analyst Interview (Part 3): Evolving Regulations from a Global Perspective
Now, you have GDPR coming along in the European Union – pretty hefty set of regulations that insurance companies along with every other business doing a business in the EU with citizens of the EU has to comply with, May of 2018. So, what do you think that means for the insurance industry and what are the implications?Hyland, I think is addressing it as any vendor would. I mean, we don’t feel that this is limited to the EU necessarily and frankly things like this are influencing other countries and the solutions we’re delivering throughout the world. The concern around PII isn’t going to go away. It is going to continue to be a big area of concern as particularly as we work with these carriers of all shapes and sizes because it affects them all. It affects them universally.
I think what’s interesting is the European Union for quite a while has been a leader in terms of really thinking about the privacy of individuals’ data and its way beyond GDPR because there are lots of other country-based regulations as well on how to use that data and they are not alone. Japan has a fairly restrictive policy as well so it’s really causing insurers around the world to rethink the information they collect about individuals. What information they really need, how long do they need to hold it, how do they get the right authorization from the individual, when do they archive it, all those, and of course, when do they comply with regulations in each country.
And we can offer assistance at all of those crossroads really because as you, well know, it’s not only about the information that you keep – it’s what you shouldn’t keep. So, the proper handling and control as well as the security around that information, it’s a big part of the solution.