Personalisation - Ethics and Insurance (Page 3)

Battle Lines Form Around the Question of Credit Scores and Discrimination

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Discrimination • 6 min read

Battle Lines Form Around the Question of Credit Scores and Discrimination

A legal battle is happening around the use of credit scores in US auto insurance. Insurers have successfully challenged a regulatory ban, but have since failed to stop an investigation by law officers, centred around potential race discrimination. Is it a harbinger of things to come?…

Duncan Minty • 28 Nov 2022

Challenges Emerge for Insurance and Wellness Products

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Underwriting • 4 min read

Challenges Emerge for Insurance and Wellness Products

‘Moving beyond insurance’ is a popular digital trend across many markets. Why just deal with losses when you can prevent claims, goes the narrative. Yet one regulatory move means insurers will soon have to design and sell their cover / wellness combination with great care.…

Duncan Minty • 21 Oct 2022

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Personalisation • 7 min read

Has Flood Re worked?

Has Flood Re worked? And if so, who is it working for the most? A Bank of England study addresses these questions, but with presumptions and interpretations that are open to challenge. This highlights why the policy landscape for flood insurance needs more diversified debate.…

Duncan Minty • 18 Oct 2022

Research finds Challenges Ahead for Digital Insurance

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Personalisation • 2 min read

Research finds Challenges Ahead for Digital Insurance

An independent think tank has found that people face significant hurdles to engaging with the biggest trend in financial services. As that trend is central to the digital future of insurance, their research gives insurers much to take on board when weighing up products, pricing and distribution.…

Duncan Minty • 30 Sep 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

Why the Pricing Ban will soon be Irrelevant. And What this Tells Us about the Future of Pricing

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Underwriting • 12 min read

Why the Pricing Ban will soon be Irrelevant. And What this Tells Us about the Future of Pricing

When the UK regulator’s review of personal lines pricing was nearing its conclusion, I said that it was just the end of the beginning. While the super-complaint addressed an important issue, it was missing a more fundamental one. I examine how this is emerging and what insurers need to weigh up.…

Duncan Minty • 10 Mar 2022

Underwriting • 3 min read

FCA questioned on Financial Inclusion

The UK regulator shared its thinking on financial inclusion with Parliament’s Treasury Committee recently. It was clear that they recognised the issue, but also that they didn’t understand, in terms of insurance, what was behind it.…

Duncan Minty • 02 Mar 2022

Data Ethics • 2 min read

Predictions, Insurance and being Human

An Oxford professor’s recent article in Wired sets out the ethical issues associated with predictive analytics. And one of her key examples is centred around insurance and the move towards personalisation.…

Duncan Minty • 08 Feb 2022

Personalisation • 2 min read

Life and Motor Underwriting Start to Converge

Policyholders of US insurer John Hancock who have an Allstate Drivewise policy can now earn Vitality points on their life insurance for safe driving. It works in a rather analogue way at the moment, but it confirms a trend towards how you drive influencing the price and scope of your life cover.…

Duncan Minty • 31 Jan 2022