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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!
88 posts
Regulation
NAO report exposes the FCA’s Struggles with Data public
Regulation • 4 min read

NAO report exposes the FCA’s Struggles with Data

The FCA has been struggling with data risks associated with both the market and its own transformation. So reported the National Audit Office recently. This explains the FCA’s hot and cold approach to data issues. So what does this mean for UK insurers over the next 12 months?…
Duncan Minty
Duncan Minty •
What the 3 Most Read Articles in 2023 Tell Us public
Claims • 2 min read

What the 3 Most Read Articles in 2023 Tell Us

Three articles I wrote in 2023 grabbed the attention of readers. Out of the 76 articles I wrote last year covering a wide range of topics, the interest in these three stands out. I put this into context and look at what they say about insurers’ interests looking forward.…
Duncan Minty
Duncan Minty •
Why the FCA’s Views on AI Regulation are a Gamble public
Regulation • 5 min read

Why the FCA’s Views on AI Regulation are a Gamble

The FCA has sent a strong signal to insurers that they will not be pushing for any new regulations relating to AI. Confidence in the impact of existing regulations is clearly high. Yet what matters at the moment will be speed of impact. Are the FCA taking an almighty gamble? And will it pay off?…
Duncan Minty
Duncan Minty •
Fairness, Digital and Target Markets public
Regulation • 4 min read

Fairness, Digital and Target Markets

Target markets are now a key feature of product governance. The problem is that they take shape on two levels. There’s the generic version for the regulator, and the decision systems one for consumers. In this gap can be found some of the key challenges being put to insurers.…
Duncan Minty
Duncan Minty •
Why This Approach to AI, Insurance and Regulation is Flawed public
Data Ethics • 8 min read

Why This Approach to AI, Insurance and Regulation is Flawed

A leading insurance institution has set out its views on how insurers’ use of AI should be regulated. Their aim is to give insurers a ‘right to innovate’. Their case is cleverly constructed, but underlying it are some flawed interpretations. I critique the report and offer a more realistic view.…
Duncan Minty
Duncan Minty •
The FCA’s Approach to AI is to be Audited public
Regulation • 5 min read

The FCA’s Approach to AI is to be Audited

The National Audit Office is to review the FCA’s approach to artificial intelligence. A subsequent speech by the FCA’s chief executive set out their thinking on AI. It sounded very much like 'have cake and eat it’ thinking. Will the NAO call this out? If so, what will that mean for insurers?…
Duncan Minty
Duncan Minty •
Three Questions for Managing Legal/Ethical Boundaries public
Accountability • 3 min read

Three Questions for Managing Legal/Ethical Boundaries

The boundary between what’s ethical and what’s legal is said at times to be a fine one, at other times a blurry one. In these digital times, it is also a moving one. So how should an insurer handle this? A ‘wait and see’ approach is too ostrich like. Instead, try this approach to get you started.…
Duncan Minty
Duncan Minty •
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