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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.
85 posts
Fairness
The Fairness of Insurance Pricing is Challenged Again public
Discrimination • 8 min read

The Fairness of Insurance Pricing is Challenged Again

The fairness of insurance pricing is again being challenged, this time by the UK’s leading campaigning journalist on finance matters. Martin Lewis believes insurers are breaking the law in how they handle people with mental health issues. The only surprise is how long this has taken to emerge.…
Duncan Minty
Duncan Minty •
Worrying Signs of Regulatory Drift on Data public
Regulation • 3 min read

Worrying Signs of Regulatory Drift on Data

Is the FCA drifting off course on data and analytics? A recent speech seems to point to this. For insurers, the ‘false sense of security’ this creates matters less in the short term, more in the mid to long term. It introduces a systemic risk into the digital transformation happening in insurance.…
Duncan Minty
Duncan Minty •
Revolutionising Fairness to Enable Digital Insurance public
Fairness • 4 min read

Revolutionising Fairness to Enable Digital Insurance

The digital transformation of insurance will stall unless the “dominant theme of 21st century financial services” is resolved first. That ‘dominant theme’ is fairness. If fairness isn’t addressed, digital investment will be questioned as public confidence in what they experience diminishes.…
Duncan Minty
Duncan Minty •
Are Politicians Ready for Wind Re? public
Underwriting • 4 min read

Are Politicians Ready for Wind Re?

The development by insurers of individualised flood underwriting capabilities lead to negotiations with UK politicians and civil society for a fairer arrangement. The result was Flood Re. Now insurers are developing similar underwriting capabilities for wind risk. What does this point to?…
Duncan Minty
Duncan Minty •
A Big Red Flag has been attached to Emotional AI public
Data Ethics • 8 min read

A Big Red Flag has been attached to Emotional AI

The UK’s data protection regulator has raised a big red flag over the use of emotional AI. Not only do such systems fail to meet data protection requirements, but they also come with other serious ethical issues. So what does this mean for insurers, and how should they respond?…
Duncan Minty
Duncan Minty •
Credit Scores – could they turn toxic for insurers? public
Underwriting • 9 min read

Credit Scores – could they turn toxic for insurers?

The use of credit scores in insurance is contentious. Opinion has been divided over whether their use is fair or not. I say ‘has been’, for I’ve recently heard underwriters raise doubts. So should insurers prepare for change? And what might that change look like? I explore both questions here.…
Duncan Minty
Duncan Minty •
A Warning Shot on Data Ethics from California public
Discrimination • 3 min read

A Warning Shot on Data Ethics from California

A warning shot has been fired across the bows of US insurers by the Californian Insurance Commissioner. Its recent investigations into “..potential bias and alleged unfair discrimination in many lines of insurance…” seem to have unearthed problems.…
Duncan Minty
Duncan Minty •
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