New data laws give customers more control over their information – this could help you save money on insurance! Could you benefit?
How can you benefit from GDPR?
While the rules under General Data Protection Regulation may seem like a minefield, they do give you better and clearer rights in terms of your personal data.
You have the right to portability, and subject access requests. That means that you have the right to request a copy of your personal data with your insurer and the right for this to be shared with a new insurer. This information has the potential to give you access to a better insurance deal.
For example, drivers who have telematics car insurance, i.e. they have a ‘black box’ recording their driving style, can request that a new insurer takes previous data into consideration when calculating their new premium. Previously many car insurance providers have been reluctant to do this.
Part of the reason being that insurers use different scoring criteria to calculate premiums. However, if you can prove that you are a good driver then it should act in your favour when calculating a price.
It’s not just car insurance where there is potential to benefit with these new rights. It could also have a positive impact on other insurances, such as health and travel insurances.
In theory, GDPR could have an effect on any personal insurance where you have built up proof of your desirable behaviour but traditionally insurers have been reluctant to share data or take it into account when calculating the premium.
What about high value motor insurance?
While you might not consider a telematics insurance policy for your high value motor, you do still want to save money where you can.
With a Prestige car insurance policy, specifically written for dental and medical professionals, you will get tailored cover that suits your needs at a good value price. We’ll always offer our most competitive quote so you don’t have to worry about if you are getting a good deal.
GDPR and your practice
From a business point of view, GDPR rules might seem like a hindrance or burden. However, if you can show that you are compliant with legislation and have processes in place that follow the spirit of law, you should be able to benefit on your Cyber liability insurance premium.
Dental and medical practices are top targets for Cyber criminals and as a practice owner, you need to protect yourself, your patients and your business.
With a Cyber liability policy you will get specialist guidance to help you implement the right procedures and understand the rules that affect you so your practice is better protected.
When you prove you are taking the right steps to secure your IT systems and protect your data, you should benefit from a lower premium.
Of course, you can’t ever fully protect yourself, and in the unfortunate event that you do experience a breach, your Cyber liability policy will be there to support you.