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Fairness

The most complex and influential ethical issue in today's insurance. Insurers need to be clear in their thinking on fairness, for it's going to be receiving a lot of attention over the next few years.
87 posts
Fairness
Is the Go Away Approach Right for Digital Insurance? public
Underwriting • 6 min read

Is the Go Away Approach Right for Digital Insurance?

‘Go away’ renewals have been around insurance for a long time. Originating in the personal motor market, they’re now used more widely. So what impact do they have on consumers? And how do they sit alongside all that pricing signal sophistication? Two distinct views need to be balanced.…
Duncan Minty
Duncan Minty •
Detriment: Insurers and the Regulator Need a Big Picture public
Fairness • 8 min read

Detriment: Insurers and the Regulator Need a Big Picture

How well do UK insurers understand consumer detriment? Enough, many would suggest. That is open to challenge, as would a similar assertion by the regulator. So what are they missing? I’m going to share some thoughts about detriment, as I think it is hindering the sector's transformation.…
Duncan Minty
Duncan Minty •
A New Trade Off Will Reshape Insurance Innovation public
Fairness • 8 min read

A New Trade Off Will Reshape Insurance Innovation

Trade offs are common when insurers judge the ethics of this or that decision. Key to this is how various conflicting interests are balanced. One particular trade off is coming to the fore now, and insurers need to adjust their human and digital systems to accommodate it. This article explains why.…
Duncan Minty
Duncan Minty •
The Problem with Most Responsible AI Initiatives public
Data Ethics • 8 min read

The Problem with Most Responsible AI Initiatives

Every month sees guidance and standards issued about ‘Responsible AI’. Lift a few lids though and it becomes apparent that much of this output is one-sided. To properly address the issues associated with AI, insurers need to look beyond the technical. New research shows us how to get started.…
Duncan Minty
Duncan Minty •
The EU’s Social Scoring Ban – What Does It Mean? public
Underwriting • 9 min read

The EU’s Social Scoring Ban – What Does It Mean?

The EU’s AI Act prohibits social scoring. Insurers need to carefully weigh up the implications of this ban, for a lot of new digital insurance practices bear a remarkable resemblance to it. The ban was never meant to put pressure on modern insurance practices, but will that protect insurers.…
Duncan Minty
Duncan Minty •
What Claims Acceptance Rates Tell Us public
Claims • 5 min read

What Claims Acceptance Rates Tell Us

If you bought a type of policy that on average had one third of all claims rejected, and one in seven claimants complained, what would you think? And if you’re selling it, what would you think? I often hear insurers say that they ‘want to pay claims’. So why are so many claims being rejected?…
Duncan Minty
Duncan Minty •
Pricing is in the Spotlight Again public
Underwriting • 4 min read

Pricing is in the Spotlight Again

Research by the University of Bristol into the reasons why low income families pay more for motor cover applies further pressure on insurers in four already sensitive areas. It represents an interweaving of related issues towards one big push, oven ready for political intervention.…
Duncan Minty
Duncan Minty •
Vulnerability Starts with Scope public
Claims • 5 min read

Vulnerability Starts with Scope

Vulnerability is a significant theme for the UK regulator, and obviously insurers have been responding to those expectations. This has led to a lot of management information being produced around vulnerability. That’s only as good though as the scope of what you decide to put into your MI.…
Duncan Minty
Duncan Minty •
Risk Variables Are On Their Way Out public
Underwriting • 3 min read

Risk Variables Are On Their Way Out

Underwriters have relied on risk variables for a very long time. After all, how would insurance work without them! Yet is their unique status on its way out? When motor insurers use 1000+ rating factors, what does this say about how insurance is now priced? More than just on risk, clearly.…
Duncan Minty
Duncan Minty •
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