IAIS paper focuses on issues related to use of personal and other data by insurers
International Association of Insurance Supervisors issues paper focuses on use of algorithms and advanced analytics capabilities by insurers to make decisions based on patterns, trends and linkages and the availability to insurers of new data sources, collectively referred to as "big data analytics" (BDA). Paper notes that increasing digitization provides tremendous opportunities for the insurance sector, but cautions that rapid innovation could unintentionally create risks of poor outcomes for policyholders and increased vulnerability for the sector as as whole. Supervisory must be vigilant of such risks.
Publisher:
Global Standard-Setting Bodies
Release date:
Feb 2020
Type:
Consultative, discussion and issues paper
Topics:
Consumer education and protection, FinTech, Operational risk
Sectors:
Insurance
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