Nick Pester, our Partner and Head of Insurance and InsurTech, provides an overview of the upcoming General Data Protection Regulation and discuss how it might affect ensurers and InsurTech start ups in his guest blog for Oxbow Partners. Click through below to read his full article.
Investment in InsurTech is booming. Although the US still leads the way in terms of InsurTech investment, the UK saw a 100% increase in cash pouring into the sector in 2016. It is likely that 2017 will see the same, if not greater, level of growth. Many of the business models being funded revolve around the better collection and use of data, either in marketing/distribution propositions or in products to improve insurers’ products or operations. But there is a storm on the horizon for which insurers and InsurTech companies need to prepare if their growth ambitions are to be fulfilled: the General Data Protection Regulation (“GDPR”).