Big data could create divisions in society – FCA’s Bailey
More data means new forms of risk modelling
The arrival of big data in the insurance sphere is likely to have significant effects, for better or worse, UK Financial Conduct Authority (FCA) chief executive Andrew Bailey said today (November 22).
The massive quantities of data now accessible to insurers means the traditional risk pooling model may be replaced with one where behaviour is modelled individually, the UK's chief conduct regulator said. Using driving insurance as an example, Bailey said: "This strikes me as a good thing. It
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