New telematics guidelines at risk of falling behind advancing technology - DAC Beachcroft

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New telematics guidelines at risk of falling behind advancing technology

Published 18 June 2015

One of the new rights under the proposed EU Data Protection Regulation is the right of "data portability": the ability of a data subject to move their data from one provider to another. This new right creates potential issues for the insurance sector when considering telematics devices.

The data collated in telematics devices assists insurers to create a driver risk profile which is typically made up of information pertaining to the driver's breaking, acceleration and speed. Currently there is no uniform data standard as various providers develop their own technologies.

The British Insurance Broker's Association have teamed up with Thatcham Research to create data guidelines for telematics devices which will identify the key data streams a device should capture. However this month Thatcham Research have expressed concern that there were only "varying degrees of appetite" within the industry. In addition, developments in the technology of connected cars could also impact the relevance of the standards.

Please click here to view the "Insurance Times" article on Thatcham Research and BIBA's development of the new guidelines.

Please click here for the BIBA, DAC Beachcroft and Allianz guide to new technologies. 

What action could be taken to manage risks that may arise from this development?

Companies should watch for further developments. The guidelines are reported to be at the research stage and are not expected to be finalised for some time.

Authors

Helen Faulkner

Helen Faulkner

London - Minster Court

+44 (0)117 918 2225

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