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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.
27 posts
Fairness
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 •
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 •
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 •
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 •
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 •
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 •
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 •
Data Ethics • 4 min read

Synthetic Data - 3 Things Insurers Need to Understand

The data that fuels a digital strategy can be incomplete, expensive or biased. One way to overcome this is through synthetic data. As margins from existing datasets narrow, more and more insurers will turn to it. So what sort of ethical questions are associated with it?…
Duncan Minty
Duncan Minty •
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