Technology is advancing at the fastest pace in human history – faster than we can regulate and control it. This impacts how many industries interact with customers. As the insurance industry evolves to meet the changing needs of clients by moving more customer interactions onto digital platforms, privacy becomes all about data – who owns the data, who creates the data, how the data is used and who protects the data.
The 21st century has witnessed the birth of the some of the largest technology, social media and financial companies in history, making data protection regulations that much more important. The risks of largescale data breaches from such companies would be long-lasting and destructive. As foreign regulators explore open banking and open insurance, establishing universally compatible privacy standards will be the challenge to keep up with today’s global economy…..
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