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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.
83 posts
Fairness
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 •
Suspicious Thinking and Insurance Counter Fraud public
Counter Fraud • 5 min read

Suspicious Thinking and Insurance Counter Fraud

Insurers are on the lookout for suspicious things all the time. It helps ensure that consumers pay a fair premium. Yet how insurers go about this is hugely important. How is suspicion judged? How does this affect products and services?  I explore the ethical side of how the sector handles suspicion.…
Duncan Minty
Duncan Minty •
The Tectonic Plates of Insurance Have Just Moved public
Discrimination • 3 min read

The Tectonic Plates of Insurance Have Just Moved

A US federal court has ruled on a long standing and hugely important case for property insurers. It pushed back insurers’ treasured ‘right to underwrite’ and the status of ‘objective actuarial data’. As I predicted 2 years ago, the tectonic plates for what is fair in insurance have just been moved.…
Duncan Minty
Duncan Minty •
More Political Scrutiny of Insurance Pricing public
Underwriting • 3 min read

More Political Scrutiny of Insurance Pricing

The Treasury Committee’s session yesterday on insurance saw consumer groups, insurers and the regulator have their say on pricing in motor and home markets. Nothing revealing emerged, but what was clear was that pressure on the sector to be more transparent is about to rise again.…
Duncan Minty
Duncan Minty •
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