Data Privacy in Insurance | Logic20/20

Data Privacy

Need a better understanding of your data?

 

From adjusting policies to managing claims, insurance teams interact with personal data every day. Keeping that information safe and secure is vital. However, data privacy is about more than data—it’s also about people, processes, and technology.

With a clear understanding of your data (what it is, why it’s collected, where it’s stored, who has access to it, etc.), you can improve technology and refine policies and procedures. These will support your people, who can be trained to minimize, optimize, and protect the data used by your organization.

 

Mastering your data management has more benefits than just compliance. It keeps you agile and enables your teams to move faster. Not only that—it's as much about building and maintaining customer trust as it is avoiding penalties, since consumers are making buying decisions based on how businesses maintain and manage their personal data.

The importance of data privacy

 

Maintain trust

 

78%

of U.S. respondents say a company’s ability to keep their data private is “extremely important.“ 1

75%

will not buy a product from a company if they don’t trust the company to protect their data. 2

73%

of consumers indicated it is extremely important that companies quickly take proper actions to stop a data breach. 3

Non-compliance Penalty

 

2.7x

The average expected cost of non-compliance is $14.82M, 2.7 times more than the cost of compliance. 4

 

We have you covered

Regardless of which regulation(s) apply to you, we’ll set you up for success by implementing a practical and scalable company-wide solution.

 

Many companies approach data privacy as one-time checklist. In reality, data privacy isn’t a series of boxes that can be checked, set aside, and revisited when a new regulation appears. In fact, data privacy shouldn’t strictly be about compliance, because compliance is a single moment in time.

 

Instead, we focus our data privacy approach on achieving readiness. Readiness is continuous. It’s an ongoing understanding of the data in your organization that keeps you aligned with existing regulations, prepared to respond to data requests, and ready for future regulations. Our approach to your data privacy involves:

 

 

1. Discovery & Assessment
Data Governance planning

We help you understand all the data in your organization. You get the complete picture: how and why your organization obtains data, how it's used, who uses it, where it’s stored, how long it's stored, etc.

2. Alignment & Optimization
Data Privacy Plan

We give you the tools required to manage that data. We refine your privacy policy, create how-to guides for handling data subject requests, and help your teams understand their role in data readiness.

3. Governance
Data Privacy Education

We put processes in place to make sure you stay prepared. We ensure you have a governance plan in place to keep you prepared for future regulations.

 

 

 

before

  • Messy data
  • Weak guidelines
  • Outdated policies
  • Redundant processes
  • Outdated technologies
  • Disorganized employees
  • Division
  • Confusion
  • Non-compliance
  •  

 

after

  • Organized data
  • Defined standards
  • Updated policies & procedures
  • Lean workflows
  • Modern tools
  • Trained teams
  • Alignment
  • Comfort
  • Data readiness
  •  

 

Past projects

 

Let's

 

connect

Need help with data privacy?

 

We'd be happy to answer your questions.