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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!
94 posts
Regulation
The Data Protection Risks from Discriminatory Pricing public
Privacy • 4 min read

The Data Protection Risks from Discriminatory Pricing

A key issue that insurers face when responding to concerns about discriminatory pricing is their handling of special category data. What is held and how it’s used are subject to all sorts of conditions. So what implications might this have for insurers and regulators?…
Duncan Minty
Duncan Minty •
Can Insurers Tackle Discriminatory Pricing in Time? public
Discrimination • 7 min read

Can Insurers Tackle Discriminatory Pricing in Time?

The hugely significant issue of discriminatory pricing has entered its second phase, with Citizens Advice issuing a report on what it expects the regulator and insurers to do next. It’s an intriguing report, full of expectations, pathways and warnings. So what does it add up to?…
Duncan Minty
Duncan Minty •
Is Insurance prepared for a Consumer Advocate? public
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 •
Worrying Signs of Regulatory Drift on Data public
Regulation • 3 min read

Worrying Signs of Regulatory Drift on Data

Is the FCA drifting off course on data and analytics? A recent speech seems to point to this. For insurers, the ‘false sense of security’ this creates matters less in the short term, more in the mid to long term. It introduces a systemic risk into the digital transformation happening in insurance.…
Duncan Minty
Duncan Minty •
The Challenges that Regulators are Facing with Technology public
Regulation • 3 min read

The Challenges that Regulators are Facing with Technology

A recent Financial Stability Institute report looks at how insurance regulators are using digital technologies to aid their work. SupTech has the capacity to revolutionise the regulation of ethical conduct in the sector. So what progress has been made, and what does this signal to the market?…
Duncan Minty
Duncan Minty •
These claims practices are indefensible public
Claims • 6 min read

These claims practices are indefensible

The FCA has warned insurers not to undervalue total loss settlements, with a particular emphasis put on motor claims. And their warning makes specific mention of not incentivising staff to engage in potentially harmful claims settlement practices. I analyse the implications for claims people.…
Duncan Minty
Duncan Minty •
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