Four out of 10 brokers are unaware of incoming data protection laws that could potentially shave millions from profits, a survey found.
The regulation includes stringent rules regarding the use of customer data, with potential fines of €20m (£17.9m) or 4% of global annual turnover (depending on which is bigger) for failure to comply.
James Henderson, managing director for insurance at Das UK, said: “It’s concerning to note the apparent unpreparedness of brokers given the deadline is less than eight months away.”
Brokers from larger national firms were more knowledgeable of GDPR, with 72% being aware of the new rules, followed by 62% of the smaller provincials.
However, brokers from super-regional firms were the least knowledgeable, with only 42% responding positively when asked whether they were aware of the new regulation.
Happy Birthday to us! 🎂— Insurance Fraud Enforcement Department (@CityPoliceIFED) January 10, 2019
7 years ago, our unit was created to help in the fight against insurance fraud. Since then, we've worked with the insurance industry and other law enforcement to punish numerous insurance fraudsters 👊
Take a look at our results: https://t.co/6L5kJWmmCe pic.twitter.com/2WPcmlYWV7
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