Regulatory Views on the Ethnicity Penalty
The Centre for the Study of Financial Innovation released an interview on YouTube recently with Matthew Brewis, the FCA’s…
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
The Implications of the ‘Ethnicity Penalty’ for UK Insurance
Over the last seven years, I’ve warned UK insurers to expect a serious challenge on the issue of discrimination in their collection and analysis of customer data. Now that challenge has arrived. In this analysis piece, I examine the challenge and explore its implications.…
Algorithm Destruction – the Implications for Insurers
A regulatory trend is emerging that could have profound implications for insurers. We’ve seen regulators issue fines for obtaining and using data in ways that fall outside of the rules. Now something much, much more ominous is starting to be used by regulators. It’s called algorithm destruction.…
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.…
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Could Financial Inclusion be at a Turning Point?
Pressure is being put on the UK Government to raise the attention that the regulator gives to financial inclusion. Not many of you will realise that, at the moment, such attention is pretty discretionary. Will this pressure succeed? And if it does, what repercussions could this have for insurers?…
Is the FCA’s thinking on Digital Innovation Missing Something?
A recent speech by the FCA’s new chief data scientist is revealing about their approach to digital regulation. As you can imagine, the speech is strong on technology and innovation. Yet it omits altogether something that most people would think would be at the heart of the regulator’s thinking.…
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The Big Ethical Challenge for Insurers in 2022
Insurers should move on from their recent focus on resilience and concentrate on adaptability. Social trends, market trends and regulatory trends all point to a flexibility to adapt mattering most. Insurers need to reflect this in their strategies, systems and continuity plans.…
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Insurance will face problems with consent
Consent is something the insurance market has often taken for granted. Recent developments are now signalling that it’s time for a serious rethink. I look at why sector attitudes to consent need to change, and the four issues which make insurers vulnerable.…
Get Ready for the Regulatory Revolution
The UK insurance sector must prepare for a regulatory revolution. It’s been
brewing for some time, but the regulator…