73% of Canadian and US firms haven’t prepared for GDPR
A new report from DocsCorp named “The current state of GDPR Readiness” has revealed that only 27% of Canadian and US firms have begun to prepare for the new data handling requirements that will be implemented under the upcoming General Data Protection Regulation (GDPR).
Despite GDPR being a set of European regulations, the rules will apply to any firm globally that either employs European citizens, or conducts business with a European business or within Europe.
Those who do not comply to the regulations could be subject to a penalty fine of either 4% of global revenue or €20mn – whichever is the larger.
With the new regulations set to be implemented in May 2018, the lack of firms aware of the implications of GDPR is rather worrying. The report, “The current state of GDPR Readiness”, found that 54% of respondents were unaware of the approaching date of the GDPR compliance deadline.
Further, when asked to cite their top concern around GDPR, 55% of firms said it was leaking personal data – something that GDPR aims to prevent.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.