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!
82 posts
Regulation
The Ethnicity Penalty : What the BBC Research Points To public
Discrimination 5 min read

The Ethnicity Penalty : What the BBC Research Points To

The debate about discriminatory pricing in UK motor insurance developed further this week, with a BBC news investigation publishing findings pretty much in line with what Citizens Advice have been reporting for two years now. What does this mean for UK motor insurers, and how should they respond?…
Duncan Minty
Duncan Minty
Hardening Attitudes to Insurance Lobbying public
Regulation 3 min read

Hardening Attitudes to Insurance Lobbying

Insurers invest a lot of money in trade bodies. Their role is to formulate sector level policy and lobby policy makers on members’ interests. However that lobbying seems to be having less impact. Insurers’ no longer have the most convincing message. The implications of this are significant.…
Duncan Minty
Duncan Minty
Failing to Prevent Fraud - the Implications for Insurers public
Accountability 5 min read

Failing to Prevent Fraud - the Implications for Insurers

The UK government is introducing a new counter fraud law. It will be an offence for an organisation to fail to prevent fraud by an employee or someone working on their behalf. The range of activities covered is very wide. So what should insurers be looking at to avoid falling foul of this new law?…
Duncan Minty
Duncan Minty
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
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