What is it about?

Insurance companies use personal data to price personal insurance risks. Innovative data-collection and processing strategies, including big data, offer the potential for better analysis of traditional risks and for markets in new types of insurance. This paper examines the potential for EU data protection and anti-discrimination legislation – both existing and proposed – to threaten not only this potential but also the traditional personal insurance business. It offers a strategy based upon codes of practice and technological innovation that would allow insurers to protect their business and to innovate while meeting the concerns of legislators about discrimination and data protection.

Featured Image

Why is it important?

EU data protection and anti-discrimination rules are converging on insurance underwriting, especially underwriting supported by Fintech. Insurers and Fintech companies need to anticipate how these rules may affect their business.

Perspectives

Insurance providers who are developing technology / Fintech strategies could benefit from reading this article.

Mr Paul MacDonnell

Read the Original

This page is a summary of: The European Union's Proposed Equality and Data Protection Rules: An Existential Problem for Insurers?, Economic Affairs, June 2015, Wiley,
DOI: 10.1111/ecaf.12127.
You can read the full text:

Read

Contributors

The following have contributed to this page