Read the third issue of Prism, our technology newsletter.
As one of the leading suppliers of insurance software and systems, we have a big role to play in creating greater efficiency and reducing fraud. You can read about our insurance solutions and current industry challenges in the third issue of Prism, our technology newsletter.
Please contact us to find out more about any of the subjects discussed in this issue.
In November 2015, the Financial Conduct Authority (FCA) announced that it would investigate the use of big data in general insurance (GI), focusing on private motor and home insurance, and would seek input from industry stakeholders and experts. As an insurtech specialist in the GI sector, RDT provided a written response to questions on data usage – and was the only technology company that the FCA named as a contributor.
The FCA’s questions covered data sources, data accuracy, and how the growing use of digital information might impact consumers and businesses. The aim was to see if big data would foster or constrain competition, whether some consumers might be marginalised because of an increasingly granular approach to underwriting, and whether the regulatory framework needs adjusting in light of advances in technology.