On May 25, 2018, the door to the new regulatory era opens, and we cross the General Data Protection Regulation (GDPR) threshold. With revised laws to protect and empower EU citizens’ data privacy, consumers can take ownership and control of how their personal data is used and shared. Up until now, GDPR discussions have largely focused on compliance requirements. However for those in the insurance industry who are visionary and strategic, this is much more than a regulatory nuisance; it will open the door to innovative new business models for the future.
Forward-thinking firms should look to take advantage of the new regulation to offer consumers better services and experiences, without jeopardizing data safety and privacy.
For those who choose to not look ahead and content themselves with simply complying with GDPR, the risks of being left behind are very real. It is likely they will be sidelined by bold contenders – incumbents and new entrants alike - which are willing enough to embrace change and are ready to build exactly the type business they want.
Our point-of-view outlines some of the key considerations for incumbents, now the playing field is levelled. The GDPR door is opening, and for the bold, the rewards are there for the taking.
Author
Oliver Wyman Ideas App
