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U.K. FCA Scrutinizes Use of Big Data by Insurers

Aarti Maharaj | November 24, 2015

The Financial Conduct Authority (FCA) is calling for more information from general insurers on Big Data, which may lead to a market study or adjustment of policy or guidance.

On Tuesday, the financial regulator issued “calls for inputs” focusing on three areas: consumer outcomes; competition; and feedback on FCA’s current regulatory framework as it relates to Big Data.

“Big Data is having an ever-growing social and commercial impact, and has the potential to transform practices and products across financial services,” said Christopher Woolard, director of strategy and competition, FCA, in a statement. “We are starting our work on Big Data by seeking to better understand how insurance firms are using data, and how this may evolve in the future.”

Big Data remains a major part of the financial sector but the spotlight has shifted to insurers who can use information collected about consumers to calculate insurance rates.  Social media can also help insurers verify...

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