Duncan Minty - Ethics and Insurance (Page 21)

Controls for Insurers' Use of Social Media Data

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Underwriting • 5 min read

Controls for Insurers' Use of Social Media Data

Insurers have been interested in social media data for some years now. This caught the public’s eye in 2016 when Admiral launched and then immediately withdrew a motor product influenced by what you did on Facebook. What controls should insurers have, to make sure such situations aren’t repeated?…

Duncan Minty • 11 Apr 2022

Discriminatory Pricing – are the Sector's Exemptions at Risk?

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Discrimination • 6 min read

Discriminatory Pricing – are the Sector's Exemptions at Risk?

Citizens Advice’s research into discriminatory pricing in UK motor insurance presents insurers with two regulatory exposures. One is some form of direct penalty for contravention of equalities legislation. The other is more subtle, but in the long run, very impactful on insurers. I examine it here.…

Duncan Minty • 07 Apr 2022

Why is Internal Fraud a “Thorny Issue” for Insurers?

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Counter Fraud • 2 min read

Why is Internal Fraud a “Thorny Issue” for Insurers?

Counter fraud is a significant part of how insurers run their businesses now. Yet is there a source of fraud that they’re standing back from? This is the “thorny issue” of internal fraud…

Duncan Minty • 06 Apr 2022

Discrimination • 2 min read

Regulatory Views on the Ethnicity Penalty

The Centre for the Study of Financial Innovation released an interview on YouTube recently with Matthew Brewis, the FCA’s…

Duncan Minty • 06 Apr 2022

4 Questions Motor Insurance Staff will be Asking about the Ethnicity Penalty report

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Discrimination • 9 min read

4 Questions Motor Insurance Staff will be Asking about the Ethnicity Penalty report

Many people working in motor insurance will have been surprised by Citizens Advice’s research into discriminatory pricing. It will feel like something they and their firm just wouldn’t do. Yet the evidence that something is happening is there. So how do insurers respond to their obvious questions?…

Duncan Minty • 06 Apr 2022

Counter Fraud • 1 min read

The MIB’s ambition for a ‘Single Customer View’

At a recent conference, Ben Fletcher of the Motor Insurers’ Bureau (MIB) talked about their ‘Project Revolution’. It aims to achieve a single customer view through the joining up of their various databases.…

Duncan Minty • 04 Apr 2022

Discrimination • 2 min read

A Window into Citizens Advice's Data Strategy

The Head of Data Science at Citizens Advice published an article on Medium this week about CA’s data science strategy. It’s worth reading, for the ‘Discriminatory Pricing’ report that Citizens Advice released last week is underpinned by their use of data and analytics.…

Duncan Minty • 01 Apr 2022

The Ethical Challenges facing Behavioural Economics in Insurance

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Accountability • 10 min read

The Ethical Challenges facing Behavioural Economics in Insurance

The influence of behavioural economics in insurance is growing. Many insurers now use nudges when engaging with consumers. So the ethics of behavioural economics is important. A Swiss Re report explores that ethics angle. There’s lots of good stuff in it, but with some challenges needing attention.…

Duncan Minty • 24 Mar 2022

Discrimination • 11 min read

The Implications of the ‘Ethnicity Penalty’ for UK Insurance

Over the last seven years, I’ve warned UK insurers to expect a serious challenge on the issue of discrimination in their collection and analysis of customer data. Now that challenge has arrived. In this analysis piece, I examine the challenge and explore its implications.…

Duncan Minty • 24 Mar 2022