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Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
The Cambridge Law Journal, Volume: 81, Issue: 1, Pages: 165 - 194
Swansea University Author:
Baris Soyer
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Copyright © Cambridge Law Journal and Contributors 2022. This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence
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DOI (Published version): 10.1017/s0008197322000010
Abstract
Insurers are increasingly utilising big data analytics and artificial intelligence in rating risks and customising insurance products particularly in consumer insurance context. The primary aim of this article is to elaborate to what extent the legal rules in force could ensure that consumers are no...
| Published in: | The Cambridge Law Journal |
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| ISSN: | 0008-1973 1469-2139 |
| Published: |
Cambridge
Cambridge University Press (CUP)
2022
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| Online Access: |
Check full text
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| URI: | https://cronfa.swan.ac.uk/Record/cronfa58586 |
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| Abstract: |
Insurers are increasingly utilising big data analytics and artificial intelligence in rating risks and customising insurance products particularly in consumer insurance context. The primary aim of this article is to elaborate to what extent the legal rules in force could ensure that consumers are not treated unfairly as a result of the use of such disruptive technologies. Relevant insurance law principles and doctrines are also considered as part of this analysis. The article concludes that despite the protection provided to consumers by data and consumer protection legislation, unregulated and unlimited use of data analytics and algorithms in the risk assessment process could create significant difficulties for consumers. It is argued that further regulation, especially making regular audits essential for insurers employing such technologies in risk assessment process, is required. The article also finds that the use of artificial intelligence in customising insurance products does not present similar degree of difficulties for consumers. |
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| Item Description: |
Published 2022 First issue- 1 April 2022 |
| College: |
Faculty of Humanities and Social Sciences |
| Issue: |
1 |
| Start Page: |
165 |
| End Page: |
194 |