FIAR 2018: GDPR Workshop: GDPR should be seen as an opportunity for optimizing our business, not as a threat

Are the insurers and the brokers ready for the GDPR challenge? What effects will GDPR have on the Romanian insurance industry and on consumers? What are the main issues in implementing GDPR? These were just a few of the topics debated during the GDPR Workshop taking place at FIAR 2018.

Cristian JURA - University Professor & State Secretary
  • The final GDPR countdown began: there are less than 10 days left until the implementation of the directive;
  • 25 May is the beginning of a new travel. Nobody knows how the implementation should look. We have a legislation, but nobody is 100% sure about the way this legislation should be applied.
  • Romanians are, in general dissatisfied. Whenever they are dissatisfied, Romanians make complaints. We now have a new institution where complaints can be made. Thus, the implementation of GDPR becomes even more important.
Gerke WITTEVEEN - Vicepresident, UNSAR & CFO, NN Asigurari de Viata
  • Consumers do not know what GDPR is, exactly, they don't realise that this new legislation is for their benefit.
  • Any law that must be implemented brings new challenges, not only GDPR.
  • GDPR in the insurance domain is very important - because we, as insurers, work with our clients' data. The clients' data are in the center of our activity..
  • GDPR is a legislation fit to the new digital world - GDPR cannot exist without digitalization.
  • All the bureaucracy built around GDPR helps neither the consumer, nor the insurance industry.
  • GDPR means that any client must, in any moment, know what happens to his/ her personal data. This is the essence of GDPR - clients have the right to know what happens with their data once they gave them.
  • GDPR brings a novelty: the right to be forgotten.
  • The new legislation is built with the consumer in mind: we, the insurers, must increase the client's trust in the industry and GDPR helps us do this.
  • Insurance is not one of the most trusty domains, so GDPR will help increase the customers' trust in insurance. By protecting the clients' interests, we build their trust.
  • There is the risk that the client feels more burdened by documents, instead of more protected - but we don't want to scare the client away. If we don't respect the requirements and we burden the client, we can lose him/ her. This is the real challenge of GDPR.
Ioan DUMITRASCU - Partner, PeliFilip
  • The GDPR legislation brings very high sanctions. The sanctions cost more than the conformation costs.
  • Unlike current legislation, GDPR also requires an impact study - the evaluation of the impact on data protection (DPIA - Data protection impact assessments).
  • The GDPR mandates a DPIA be conducted where data processing "is likely to result in a high risk to the rights and freedoms of natural persons".
  • In insurance, an impact study would be necessary: it should have been made before 25 May, but it does not seem to have been a priority for the industry.
  • We are waiting for the authorities' clarifications regarding the DPIA, because the legislation mentions that it will be specified when DPIA should be optional and when it is mandatory.
  • There are companies which haven't even thought about conducting a DPIA.
  • DPIA is a continuous process and it is conducted after a preliminary analysis which shows whether it should be conducted.
Dan MIHAI - Partner, Jinaru, Mihai & Notingher, Law Offices &Tax Advisors
  • According to our analyses, the GDPR conformation level in many industries in Romania is rather good.
  • Also, according to our analyses, the same thing is true when it comes to the transparency of communicated information.
  • The most sensitive subject remains the protection and safe storage of data: old systems, vulnerable to all sorts of information leakage. Many companies don;t know how to protect their data. Many companies don't know for how long should data be kept - this is a critical aspect.
  • The reasons for which companies are implementing GDPR: the fear of sanctions, the requirements coming from their international groups, or the requests coming from their partners.
  • The three reasons mentioned above also indicate how the companies apply GDPR. In most cases, companies take the "Compliance driven approach", meaning "we need to implement GDPR in order not to get sanctions". However, the companies which apply the "Business driven approach" have much to gain, because GDPR is an opportunity for companies to revise and improve certain processes.
  • Although inspections from authorities are to be expected, the biggest risk comes from consumers, who will band together and will make collective complaints to various commercial companies.
Tudor GALOS - Senior Digital Transformation Consultant
  • GDPR can be seen as an opportunity, not as a threat.
  • Everybody only sees the sanctions: GDPR can also help optimizing the business.
  • It is mandatory for companies to secure their data infrastructure.
  • Personal data means any data that makes a person identifiable: a CASCO policy number makes a person identifiable, which means it is personal dataa, the online behaviour of a person is personal data, the car number is personal data.

Maria BOGHIAN - Senior Consultant, ASIS Software International
  • GDPR is an opportunity and it will make our lives easier.
  • GDPR helps us reanalyze and reorganize our business, making it simpler.
  • We will have bigger storage spaces and our data willbe better protected. GDPR will help us "sleep more peacefully".

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.


FIAR 2019: Register before 30 January and save 40% of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 30 January.



Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.



Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all