Big Data transforming insurance
Our Insurance, Asset & Wealth Management team are holding an exclusive breakfast seminar in collaboration with Eversheds on the subject of FCA's Call for Inputs (Cfi) into Big Data in retail general insurance (retail GI).
Ros Kellaway and Paula Barrett, two partners from Eversheds, will share some insights form competition and data protection law angles that will help you get ahead of the curve on the work the FCA is doing in relation to Big Data in retail GI.
The FCA has issued a Cfi into Big Data in retail GI. The Cfi follows the FCA’s commitment in its 2015/2016 Business Plan to review how insurance firms use Big Data. The FCA began a fact-finding exercise last November intended to help it better understand how the use of Big Data has developed in recent years, and how this might change in the future. It will report on its review in Q3 2016.
The FCA has decided to focus on retail GI because of the significance of the sector, the importance of data to the sector, and the potential for Big Data to alter the way risk is assessed. Whilst the scope appears to be very broad, the FCA has said that in order to frame its analysis it it minded to focus on private motor, home and contents insurance.
For more information on the event, please view our Eventrbrite page.