The IUA's Data Protection Committee has appointed a new Deputy Chair. Susan Coldbeck, Global Data Protection Officer at AXIS (AXIS Capital), has taken on the role. She succeeds Mark Kingsbury, Data Protection Officer, European Operations, at QBE Insurance. The IUA’s Data Protection Committee was established in 2019 to discuss the impact of the General Data Protection Regulation and other relevant legislation. The use of big data analytics has the potential to revolutionise the insurance industry and large amounts of data are increasingly being used to assess, select and price risks, some of which were previously considered uninsurable. New compliance requirements have been placed on firms and the Data Protection Committee helps members manage these obligations. The group is also looking for a new Chair to assist Susan in the work of setting its agenda and leading discussions. For more details please contact Helen Dalziel, the IUA's Director of Public Policy.
International Underwriting Association of London’s Post
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This is a difficult topic for a lot of business owners, especially owners of SME's. Trying to see the benefit of data protection compliance and the costs associated with putting in place some of the requirements can be a bit overwhelming. In this blog, I have tried to answer some of these questions with a balanced approach as the owner of an SME myself. My dilemma was not with data protection but with HR. I tried to do it myself, because of cost, but I made a mess of it. Templates and guidance from JACS are great, but you need knowledge, which I did not have. I found two great people to help, Anna Norton and Becky Hill. Read the blog and let me know your thoughts. It is an interesting topic. Just a thought, I have been driving for 35 years and have always insured my car. I have spect circa £20k on insurance and never claimed, why do I do that? Stupid example I know, but gets the brain going. CookieScan YourDataSafe™ Comtech Solutions https://lnkd.in/eSEXNHcy
Striking the right balance between profit and data protection
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Our platform is designed to meet the stringent requirements of data protection regulations, ensuring that your organization remains compliant at all times. Explore how PolicyGPT simplifies compliance for our clients. Ready to streamline compliance? Dive into www.PolicyGPT.ai today! #ComplianceGoals #PolicyGPT #DataProtection #InsurtechSolutions #PolicyGPTAutomation #InsuranceChallenges #AIDocumentAnalysis #InsuranceInsights #PolicyGPT #PassageComparison #DocumentAnalysis #ClearCommunication #AIInnovation #EfficientExtraction #PolicyNavigation #DataStrategy #ConceptualExtraction #NamedEntityExtraction #DataPrecision #InsuranceData #DataExtraction #InsuranceComprehension #DocumentAnalysis #InsuranceInnovation #AI #Efficiency #DataInsights #Insurance #Innovation #DataScience #Vectorization #Extraction #Insurance #DataExtraction #Efficiency #SOC2Compliance #DataSecurity #Privacy #DataAccuracy #ClaimsProcessing #RegulatoryCompliance #DocumentSummarization #Insight #DeepLearning #InsuranceTech #UnderwritingAutomation #InsurTech #insurancetechnology #aiforbusiness #aibusiness #businesstransformation #claimsmanagement #claims
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Vendor Management | Credit Risk | Third Party Risk | Banking and Lending | Project Management | Sales | Sales Support
Action movie references aside, we need to remember these points. Shifting or converting to a new vendor or supplier takes time, and is expensive. But if the legacy supplier poses compliance issues, changing is likely cheaper and safer in the long term. Not a decision any business should take lightly, but one that should always be on the table.
Information Technology Security Analyst | Compliance Analyst | Project Management | Cybersecurity Analyst | GRC Analyst | Vendor Risk Analyst
Regulatory compliance is crucial for businesses across various industries as it helps ensure that organizations operate within the legal and ethical boundaries set by relevant authorities. Usually when a business doesn’t comply with regulations it can lead to severe consequences, including financial penalties, legal liabilities, reputational damage, and loss of customer trust. Here are a couple reasons why regulatory compliance for a business is important. 1. **Protection of Data Privacy and Security**: - Regulations like the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) mandate strict measures for protecting individuals' personal and sensitive information. - Compliance with GDPR ensures that businesses handle personal data lawfully, transparently, and securely, thereby safeguarding individuals' privacy rights. - HIPAA compliance is essential for healthcare organizations to protect patients' medical information from unauthorized access, breaches, or misuse. 2. **Financial Integrity and Transparency**: - The Sarbanes-Oxley Act (SOX) is aimed at enhancing financial transparency and accountability in publicly traded companies. - SOX compliance requires businesses to implement internal controls, risk management practices, and corporate governance measures to prevent fraud, financial misstatements, and unethical practices. 3. **Payment Card Security**: - The Payment Card Industry Data Security Standard (PCI-DSS) sets requirements for securely handling and processing payment card data. - Compliance with PCI-DSS helps businesses mitigate the risk of data breaches, fraud, and financial losses associated with compromised cardholder information tremendously! 4. **Consumer Trust and Reputation**: - Demonstrating compliance with regulations builds trust and confidence among customers, investors, and stakeholders. - Businesses that prioritize regulatory compliance signal their commitment to ethical practices, integrity, and responsible stewardship of sensitive information, enhancing their reputation and competitiveness in the market.
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Enhancing Data Security and Compliance with Data Classification and Data Masking As organizations handle growing amounts of data, the need for robust security strategies increases. Data classification and data masking are essential for protecting sensitive information and adhering to regulations like General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and Health Insurance Portability and Accountability Act (HIPAA). Data classification organizes data into categories based on sensitivity and value, while data masking replaces sensitive information with fictional values. These practices provide layers of protection, helping businesses safeguard their valuable assets while complying with regulatory requirements. Implementing these techniques is not just a compliance requirement but a strategic advantage, building trust with customers, mitigating risks, and positioning the business for long-term success. Ready to protect your data? Kindly visit Data Excellence (reliance.systems) to learn more about safeguarding your data.
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🔍 Dive deep into the world of document scanning compliance with our latest article. Discover the essential strategies and best practices to ensure your business stays ahead of regulatory requirements. Learn how cutting-edge technology can streamline compliance processes and mitigate risks. Don't miss out—click the link below to stay informed and safeguard your business today! #Compliance #Regulations #DocumentScanningCompliance 💼✨ https://lnkd.in/gEP6MAVa
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Partner at EY | Canadian Technology Risk People Leader | IT & Risk Consulting | Financial Services | Insurance | Information & Privacy Governance | Board and Audit Committee member
Artificial intelligence in compliance is not just a trend; it's a proactive approach to identifying and managing risks efficiently. By investing in #AI-powered compliance, firms can ensure they remain compliant and ahead of regulatory developments while streamlining their operations. Read more: https://ow.ly/KmyB30sGglJ #EYCanada #BetterWorkingWorld
Four key steps to insurance compliance risk analytics
ey.com
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THE DIGITAL PERSONAL DATA PROTECTION ACT (DPDP), 🔒 2023 and its implications for the Insurance 🛡️ industry. (1) Obligations of Data Fiduciary (Insurer): Let's examine the situation in which a Data Principal (An Individual) seeks to purchase an insurance policy online. 🛒 In this context, it's crucial to understand the rights and waivers available to the Data Principal and the corresponding duties of the Data Fiduciary or Insurer. ⚖️ (a) An individual named X (Data Principal) 🛒 purchases an insurance policy 📑 through the mobile application 📱 or website 🌐 of Y (Data Fiduciary), an insurance provider 🏢. (b) X provides consent to Y for: (i) The processing of their personal information by Y for the purpose of issuing the policy. 🔒 (ii) Waiving their right to file a complaint with the Data Protection Board of India. However, it is important to note that part (ii) of the consent, pertaining to the waiver of the right to file a complaint, is considered invalid 🙅.. (2) Consent Management by Data Fiduciary 🔒 (a) Every request for consent under the provisions of this Act or the rules made thereunder shall be presented to the Data Principal in a clear and understandable language, providing the Individual with the option to access such request in English or any language specified in the Eighth Schedule to the Constitution. 🌐 📝 (b) Additionally, the request shall include the contact details of a Data Protection Officer (Individual appointed by Data Fiduciary under clause (a) of sub-section (2) of section 10) where applicable, or of any other person authorized by the Data Fiduciary to respond to any communication from the Data Principal for the purpose of exercising the rights under the provisions of this Act 👮♀️. (c) In situations where the processing of personal data is based on the consent provided by the Data Principal, the aforementioned Data Principal shall retain the 👑 privilege of revoking their consent at any given moment, and the ease of doing so should be comparable to the simplicity with which the consent was initially granted. 🤝 (d) The Data Principal shall bear the consequences of the withdrawal mentioned above, and such withdrawal shall not affect the legality of processing personal data based on consent prior to its withdrawal 👮♀️🔒. For more information, please refer to the provided link. 🌐 https://lnkd.in/dxykqSve
Digital Personal Data Protection Act 2023.pdf
meity.gov.in
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Product Manager @ Accenture | Insuretech | Domain Consultant P&C Insurance | Business Analyst | Ex : Wipro, Infosys, Allianz Technology, SBI General Insurance| Fitness Enthusiast | Biker
Did you know non-compliance with GDPR can result in fines up to €20 million or 4% of annual global turnover? 😱" As the insurance industry embraces digital transformation, understanding recent regulatory changes is crucial. Two key regulations shaping the landscape are the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Let’s try to understand how these regulations impact Insurers and the steps they can take to ensure compliance. General Data Protection Regulation (EU) 🇪🇺 : GDPR, implemented in May 2018, aims to protect the personal data and privacy of EU citizens. It mandates data protection measures and grants individuals more control over their personal information. Impact on Insurance Companies: Data Handling: Insurance companies must ensure transparent data collection, processing, and storage practices. Consent Management: Explicit consent is required from users for data processing, with clear opt-in mechanisms. Data Breach Response: Companies must notify authorities within 72 hours of a data breach. Steps to Comply: Conduct Data Audits: Insurers must regularly review and document data processing activities. Implement Robust Security Measures: Insurers can use encryption and access controls to protect personal data. Update Privacy Policies: Insurance companies need to ensure privacy policies are clear, accessible, and compliant with GDPR requirements. California Consumer Privacy Act (USA) 🇺🇸 CCPA, effective from January 2020, enhances privacy rights and consumer protection for residents of California. It requires businesses to disclose data collection practices and grants consumers the right to access, delete, and opt-out of the sale of their personal information. Impact on Insurance companies: Data Transparency: Insurance firms must provide detailed disclosures about the types of data collected and how it’s used. Consumer Rights: Companies must facilitate requests for data access, deletion, and opt-out options. Do Not Sell My Info: A clear link must be provided on websites to allow consumers to opt-out of data sales. Steps to Comply: Update Data Management Practices: Insurers need to ensure data collection and processing align with CCPA requirements. Enhance Consumer Interfaces: Insurers need to implement user-friendly mechanisms for data access, deletion, and opt-out requests. Train Employees: Insurers must educate staff on CCPA regulations and compliance related requirements. By prioritizing data protection and transparency, Insurers not only adhere to legal requirements but also build trust with customers. #Insuretech, #GDPR, #CCPA, #DataProtection, #Compliance, #InsuranceInnovation, #DigitalTransformation, #PrivacyRight, #InsuranceRegulations
Assistant Company Secretary at AXIS (AXIS Capital)
2moGreat news Susan Coldbeck!