The insurance market will be under increased regulatory pressure regarding consumer protection
The future of the insurance market, including the Insurtech sector, is linked to increased scrutiny by regulators seeking to protect the interests of consumers. This conclusion is contained in the report of the international legal company Clyde&Co.
The report’s authors point to sources of policyholder information collection that come not only through “proposal forms for risk assessment and policy pricing,” but also through alternative sources, including wearable devices.
According to the report, these forms of data collection are likely to “attract more scrutiny from regulators……as the evolutionary shift in distribution models in the insurance industry gathers momentum.”
“It is important that data collected from such sources cannot be misused to discriminate against or exclude policyholders,” the report said.
From the Clyde&Co report, the Internet resource of UkrStrahuvanny also knows that insurers will have to guarantee the proper use of data when underwriting insurance products, taking into account anti-discrimination legislation.