Wednesday, 23 January 2019

Big data and its big benefits for consumers



Insurance Europe has today published an insight briefing about how insurers’ use of big data can benefit consumers.  
The briefing provides various examples of these benefits: for example, it explains how pay as you drive motor insurance policies enable insurers to tailor insurance premiums, resulting in savings for good drivers.
The briefing says that, while there is no specific regulation on big data, there are already several EU rules that are relevant and applicable to its use in insurance, such as rules on privacy, insurance distribution, disclosures, distance marketing and equal treatment. As such, there is currently no need for further regulatory measures, as there is already a comprehensive set of rules ensuring the responsible use of big data in insurance.
In fact, the briefing warns that premature regulation could not only hamper innovation and impair the effectiveness of the insurance market, but also quickly become unfit for purpose due to technological advances and market developments.
Regulators and supervisors should instead ensure that existing rules — which already provide a framework to guarantee the responsible use of big data — are fully implemented and enforced at national level.
Insurance Europe also published a Q&A on insurers’ use of big data, which is available here.

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