Predictive models – again

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A little while back we published an article about the circular letter issued in January to insurers by the New York State Department for Financial Services concerning the use of external consumer data and information sources for life insurance underwriting. On the face of it, the circular constitutes a stark warning for insurers and places severe restrictions on how they use data for risk assessment and pricing purposes. And in a way it is and it does, but its stipulations are not exactly unreasonable. Indeed, largely it makes pretty good sense. Indirect use of discrimination factors that are outlawed is…

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Insurtech – and the game-changer is…?

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‘Insurtech’: our inboxes are full of news alerts, and hardly a day passes without a notable insurer or reinsurer somewhere commencing a digital initiative, applying artificial intelligence, partnering with a hi-tech high-flyer or investing in a digital/data/analytics start-up. Insurtech is big these days. And rightly so. Technology has the power to transform many aspects of our lives – hopefully in a good way – and to revolutionise how insurance is conducted, from application to claim payment. While a lot of the insurtech research and uptake has been in the property/casualty sphere, life and disability insurance, and of course the consumers…

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