Certain Issues of Innovations Affecting the Insurance Business in the Light of the GDPR and Hungarian Insurance Law

Abstract

Technological innovations affect many sectors of the economy, including the insurance business. Among these innovations, IoT-based (Internet of Things) solutions can be highlighted, the main feature of which is that real-time and continuous data collection is performed using the Internet, thus optimizing the risk management of the insurer. Given that a significant part of the data thus collected constitutes personal data, the rules of the General Data Protection Regulation (GDPR) should apply. The data protection examination of the technologies affecting the insurance institution raises several issues, which, in my view, significantly impede the application of these technological achievements. The study aims to explore these problems and attempts to make proposals to solve them.