Accountability

Insurance's digital transformation is driving ever increasing calls for clearer accountability. The message is 'if you want our trust, give us accountability'. These articles look at the issues involved. Use them to shape your thinking.

108 posts

Addressing Fairness in Insurance: a Review of the MAS approach

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Fairness • 11 min read

Addressing Fairness in Insurance: a Review of the MAS approach

It is said that fairness will define financial services in the 21st century. Early attempts to address it have proved ineffective though. In digital times, the need for something that will generate momentum is becoming urgent. Can a Singapore initiative achieve this?…

Duncan Minty • 20 Apr 2022

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

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

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

Using Protected Activities to Manage Reputational Risk

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Ethical Risks • 5 min read

Using Protected Activities to Manage Reputational Risk

Protected activities could be a useful tool for insurers to manage their most significant ethical risks. And they signal to key audiences that the insurer’s commitments around those risks are being taken particularly seriously. So how do they work and how can they make a difference?…

Duncan Minty • 24 Feb 2022

Data Ethics • 2 min read

RGA’s Data and Analytics Ethics Framework

The US reinsurer RGA has recently introduced a Data and Analytics Ethics Framework. It’s worth a look, but with a critical eye, for it seems clear about what the reinsurer wants to address , but unclear about how it’s going to go about doing that.…

Duncan Minty • 23 Feb 2022

Accountability • 3 min read

How Good is the Swiss Digital Trust Label?

Swiss Re announced recently that its Magnum Go underwriting engine has been awarded the Swiss Digital Trust Label. It sounded impressive so I went to find out more about this label, through local contacts and online resources. What I found wasn’t quite as good as Swiss Re would like to think.…

Duncan Minty • 04 Feb 2022

Six ethical issues that insurers need to build into their plans for 2022

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Accountability • 4 min read

Six ethical issues that insurers need to build into their plans for 2022

In preparing their plans for 2022, insurers are making a series of fine judgements about the ethical risks that need attention. Here are six areas to which I'm proposing serious attention needs to be given.…

Duncan Minty • 14 Oct 2021

Accountability • 2 min read

Counter fraud is now a big exposure to insurer reputations

The next two years could be eventful ones for the counter fraud functions in the UK insurance market. If you…

Duncan Minty • 31 Aug 2021