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Insurance Industry Sitting on Treasure Trove of Big Data, As Regulators Wrestle Data Privacy

InsuranceNewsNet | June 14, 2022

Big Data and insurance series - Insurance Industry Sitting on Treasure Trove of Big Data, As Regulators Wrestle Data PrivacyMajor insurance carriers sit on a treasure trove of big data, with endless possibilities to sharpen actuarial risk projections and target financial products more narrowly to millions of consumers.

But there are big risks, too. Regulators are trying to protect privacy and ward off hidden discrimination, all while allowing insurers to match financial products with those who need them for retirement. It is a needle in need of serious threading.

The expanding efforts toward data privacy regulation are seeing major developments on three main fronts:

  • Legislators in five states passed data privacy laws, and nearly two dozen states are working on similar efforts. California sprinted out of the gate first with the “gold standard” in data privacy protections, as one law firm put it, but other states are taking a more business-friendly approach. Especially where financial services is concerned.

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  • The National Association of Insurance Commissioners (NAIC) created an entirely new committee, the H Committee, to study data, technology and cybersecurity issues. It is the first letter committee created by the NAIC since 2004.
  • A bipartisan group of House and Senate members released a draft proposal earlier this month for a national data privacy bill, called the American Data Privacy and Protection Act, which aims to establish a framework for better protecting consumer data privacy and security.

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NCFA Jan 2018 resize - Insurance Industry Sitting on Treasure Trove of Big Data, As Regulators Wrestle Data PrivacyThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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