IFAs agree 'more data is good' but FCA has 'expressed concerns' - SAMI

‘Need for transparency and compliance with Equality Act’

clock • 2 min read

IFAs believe big data can be used to support accurate pricing, improve access to insurance and reduce non-disclosure

An independent report released looking at the use of electronic health records (EHRs) in the insurance industry has found that the majority of IFAs support the use of clients' health data to support accurate pricing, improve access to insurance and reduce non-disclosure. According to a survey carried out by iPipeline, as part of ‘Shaping the future of medical records and protection insurance', a report from the CII and SAMI Consulting, 71% of IFAs agreed that more health data was a good thing, supporting the pricing of protection policies and making premiums more accurate.    The NHS ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Underwriting

Partner Insight: Underwriting made clear

Partner Insight: Underwriting made clear

Alun Beynon, Protection Specialist at Scottish Widows, provides his views on Consumer Duty and Underwriting.

Alun Beynon, Protection Specialist @ Scottish Widows
clock 15 April 2024 • 2 min read
Two key medical underwriting trends impacting your clients in 2024

Two key medical underwriting trends impacting your clients in 2024

Mental health and the right to be forgotten

Darren Lee
clock 20 February 2024 • 3 min read
HSBC Life introduces underwriting changes for mental health

HSBC Life introduces underwriting changes for mental health

Applicants more likely to receive cover and standard terms

Jaskeet Briah
clock 01 February 2024 • 1 min read