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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!
12 posts
Regulation
Underwriting • 2 min read

The Clash of Narratives in Life and Health Insurance

There are two narratives becoming established around life and health underwriting, and they don’t fit well together. What they point to is an uncertain future for how rating will evolve. Insurance is a risk business, yet could this uncertainty be perhaps the biggest risk of them all?…
Duncan Minty
Duncan Minty •
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 •
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 •
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 •
Regulation • 8 min read

The EU AI Act is full of Significance for Insurers

As the EU works towards enactment of its AI regulations, the impacts for insurers are becoming more apparent. Some markets have been labelled high risk, while some technologies are being closed off. What insurers need to do now is understand how ethics is changing the sector’s digital landscape.…
Duncan Minty
Duncan Minty •
Accountability • 4 min read

Is Insurance prepared for a Consumer Advocate?

Some business sectors in the UK have a consumer advocate appointed by the Government. Should one be appointed for insurance, the impact on the sector could be profound. With the power to pull data from firms and initiate regulatory reviews, transparency could be transformed.…
Duncan Minty
Duncan Minty •
Data Ethics • 7 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 •
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
Duncan Minty •
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