The latest on Big Data

Just last week the FCA published their feedback statement on Big Data. They have decided not to launch a market study at the present time but will continue to engage with the industry. They will look at pricing practices of a limited number of firms but they have explicitly stated their wish is "not to prevent positive innovations". This is an encouraging outcome but it doesn't change the fact that the insurance industry is facing into more complexity around the storage and usage of customer data. Under the Insurance Act 2015, the customer does not need to disclose anything that th...