The insurance sector has evolved into a digital-first industry. Automated processes including contracts, policy documents, customer services, and product information are preferred to be accessed digitally – by customers and insurance providers.
Customers trust and rely on insurance to protect their most valuable assets: Their health, finances, and personal property. This also includes their corresponding data such as health, financial, personal data (addresses, names, and social security numbers, for example), vehicle data such as telematics data, professional data, and financial statements, are some examples.
This data needs to be treated and remain confidential and protected in accordance with data protection rules such as GDPR, CCPA, HIPAA/HITECH, Federal Gramm-Leach-Bliley Act (GLB), and other country-specific data protection rules. Furthermore, insurance providers also need to protect their own company data like HR data, employee data and financial insights.
In contrast, this trend is encouraged by public institutions - for data to be open by default and promote easy data sharing between different parties.
Leading insurers are using data and analytics to not only improve their core operations but also to launch entirely new business models, in line with customer expectations.
Therefore, the insurance sector has a requirement to protect this data from potential attacks and data breaches, while ensuring secure data sharing across multiple channels.
Utimaco provides a range of on-site data protection solutions that ensure the secure transfer, storage and sharing of critical and sensitive data.