Search
Sourcing SpeakFCA Says Big Data Use by Insurers Generally Working Fine—Data Protection Concerns Flagged
Posted
The UK’s financial services regulator, the Financial Conduct Authority (FCA), has recently published summaries of the responses it received to a Call for Inputs (CfI) on the use of big data in the retail general insurance (GI) sector as well as outlining its responses to the issues raised. Insurance companies, which are increasingly using big data (gleaned from social media, loyalty cards, aggregator sites and other such sources) to determine risk profiles and set premiums, can rest a little easier given that the FCA says that it has decided not to undertake a full market study or make a reference to the Competition and Markets Authority.