Mark Crane, technology practice lead at Travelers Europe, has warned brokers of the dangers of not taking the incoming General Data Protection Regulation (GDPR) seriously.
Crane told Insurance Age that failing to comply with the new rules, which come into force in May 2018, can expose brokers to “significant risks, from reputational damage to a fine of up to €20m (£17.9m)”.
“Not following the new rules can put their brokerages and the personal data they collect in jeopardy,” he added.
- Broker Network buys Knighthood Corporate Assurance Services
- Trade credit insurer pay-outs at highest level since 2009
- GDPR: What do brokers need to know?
- Meet the techies: Tobias Taupitz
- Podcast: The top five stories of the week
- Aston Lark buys Ingram Hawkins and Nock
- Carole Nash and Axa remain committed to Republic of Ireland bike market