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Regulation

Is regulation keeping up with the changes happening in the insurance market? Will an arsenal of SupTech tools soon put regulators inside your digital models? How will regulators handle the complexity of fairness, and the urgent calls to counter discrimination? There's a lot happening - read on!
93 posts
Regulation
The EU Digital Fairness Act : A Crucible for Fairness? public
Fairness • 5 min read

The EU Digital Fairness Act : A Crucible for Fairness?

The next three years will see some form of ‘Digital Fairness’ legislation take shape in the EU. There is much to be negotiated, but one of the key themes to be addressed will be commercial practices around digital profiling and personalisation. What will be the implications then for insurers?…
Duncan Minty
Duncan Minty •
The Huge Health Data Disruption has Arrived public
Regulation • 3 min read

The Huge Health Data Disruption has Arrived

The final wording of the EU’s Health Data Space regulation is out, and the implications for insurers are significant. Not only is there a prohibition on insurers’ use of secondary health data, but as I anticipated, what counts as such data is wide. Insurers need to move with care here.…
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 •
The Social Scoring Ban – Confusion for Insurers public
Underwriting • 6 min read

The Social Scoring Ban – Confusion for Insurers

Should insurers feel reassured by EU guidance about the prohibition on social scoring in the AI Act? It would be easy for them to think that way. The problem is that the guidance has some flawed assumptions about insurance. When those are corrected, the prohibition should be taken very seriously.…
Duncan Minty
Duncan Minty •
Navigating a Recalibration of Principles Based Regulation public
Regulation • 3 min read

Navigating a Recalibration of Principles Based Regulation

There’s been a move in recent years towards principles based approaches, in what is expected of insurers (regulation) and what insurers expect of themselves (governance). So when powerful calls are heard to make things simpler, how should insurers respond? It’s not so simply as many would wish.…
Duncan Minty
Duncan Minty •
What the FCA’s Problems Bode for Insurers public
Regulation • 5 min read

What the FCA’s Problems Bode for Insurers

An all-party group of MPs within the UK Parliament has issued a damning report on the FCA. It has certainly stirred up debate around the conclusions it reached. I think it will have a lasting impact, but not in the way commentators are thinking. For insurers, the consequences could be serious.…
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 •
How Rules Reflect the Ethical Concerns of Consumers public
Regulation • 5 min read

How Rules Reflect the Ethical Concerns of Consumers

It’s common to hear people in the insurance sector talk about ‘rules, rules and more rules’. The EU AI Act is a typical development that can drive this sentiment. And rules they may be, but they are also more than that. Ethics allows you to recognise and unpick their different layers of meaning.…
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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