Ventiv has introduced a new data governance module to help risk managers and insurance organisations comply with data privacy laws, such as the General Data Protection Act (GDPR), while still performing effective data analytics.
With the data governance module, organisations can process personally identifiable data from European “data subjects” in Ventiv’s software applications and still adhere to the regulations.
The functionalities include record anonymisation which anonymises records once they are no longer being actively managed.
With new data governance, Ventiv anonymises records by removing all personally identifiable data while preserving other key elements of the record. This preserves only the necessary, anonymous historical information for future reporting and analysis.
Organisations that are already using Ventiv’s software solutions can set a defined retention period for the personally identifiable data contained in their records.
The data governance module also offers record deletion, meaning organisations can permanently delete any record containing personally identifiable information – in which case it is removed completely from Ventiv’s applications.
Records of personally identifiable data can be locked by organisations so that no data processing of those records will take place. Locked data is hidden from all users (except the administrator) and does not appear in any reports generated.
Scott Wilson, chief information security officer and privacy officer for Ventiv Technology, said: “To be truly data driven, effective data governance is a must. Data-driven businesses that aren’t embracing the importance and value of data governance are fundamentally stifling their own performance. Data protection laws are here to stay and they are spreading globally at a rapid pace.”
Steve Cloutman, managing director of Ventiv Technology, commented: “The data security and data privacy landscape is rapidly changing and we expect it to continue to evolve in yet unknown directions.”
He added: “We have always set the standard in the risk and claims technology market for data privacy and security initiatives. We remain committed to fielding the resources necessary to ensure our clients have the data privacy and security protections they need.”
