Regulatory AlertsFS16/5: Feedback on Big Data in Retail General Insurance
The Financial Conduct Authority issued this feedback statement summarizing responses to its November 2015 call for inputs regarding the use of Big Data in retail general insurance. The regulator found that Big Data is currently benefiting consumers through innovation and streamlined processes, leading to the decision not to launch an in-depth market study. However, to address concerns about data protection and potential pricing issues, the Authority will co-host a roundtable with the Information Commissioner's Office and conduct discovery work on pricing practices later this year.
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