Client information is the most valuable commodity the insurance industry has in its possession—and protection of that precious resource in the age of electronic transactions is imperative to the industry's growth and survival.
"If the industry does not do a good job of protecting information, then it will blow all that we are doing with modernization and real-time technology out of the water," says Jeff Yates, CEO of the Agents Council for Technology. "Customer privacy and security must be a major [focus] of the industry."
To help make sure the industry recognizes data security as a top priority, insurance regulators are stepping in. Massachusetts, for example, has adopted some very strong and specific privacy regulations that agents there need to be well versed in.
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