Realising societal benefits of big data and insurance involves competition and privacy trade-offs

The use of big data analytics in insurance offers significant societal benefits, as improved understanding of risks can inform risk reduction and enhance insurability. However, individuals, firms and regulators face complex trade-offs when balancing the benefits and risks of using personal data from digital sources to calculate insurance premiums.

Our new report explores these issues, and aims to contribute to an informed and fact-based regulatory debate on access to and use of data in insurance - find out more at the following links:

Big Data and Insurance: Implications for innovation, competition and privacy

Advances in big data analytics, artificial intelligence and the Internet of Things are transforming the insurance industry and the role that data plays in insurance. New sources of digital data reveal information about behaviours and lifestyle habits that allow insurers to assess individual risks much better than before. The emergence of big data, however, raises several concerns regarding privacy, personalisation of insurance and competition, which require intricate and complex value judgments.

 

Communities of the sharing economy self-regulate their collective risk - Vikas Chhariya

Vikas Chhariya, Global Head of Digital Partnerships at AXA Group, discusses the social impact of the sharing economy, and how this is affecting the insurance paradigm. Recorded at the 13th Annual Liability Regimes Conference.

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Pipeline of investable opportunities and sufficient data needed to scale up green investments

Maryam Golnaraghi, Director of Extreme Events and Climate Risk at The Geneva Association, discusses the hurdles the insurance industry faces in scaling up green investments and expanding risk transfer solutions.

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Insurance industry has been critical player in de-risking clean and green technology

Maryam Golnaraghi, Director of Extreme Events and Climate Risk at The Geneva Association, discusses how climate change has transformed from an environmental/scientific concern to a top priority in the board room for the insurance industry.

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Insurance industry taking action in addressing climate change, although hurdles still remain

The insurance industry is contributing significantly to building socio-economic resilience to climate change and supporting the transition to a low-carbon economy in their role as risk management experts and investors, although a number of challenges are hindering the industry’s efforts to scale up its contribution, according to a new research report from The Geneva Association, the leading international think tank of the insurance industry.

Climate Change and the Insurance Industry: Taking action as risk managers and investors

This report offers new insights into the role of the insurance industry in addressing the climate change adaptation and mitigation goals. It highlights the insurance industry’s value proposition and efforts to build financial resilience to climate risks and to support the transitioning to a low-carbon economy. It proposes key recommendations for multiple stakeholders.

 

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