Regulating Big Data effects in the European insurance market


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The article analyzes the regulatory framework in the insurance market in connection with the advent of Big Data, such as information collected from different sources that can be manipulated by new technologies. The use of Big Data offers significant opportunities to the insurance companies in terms of digitization of the distribution channels and greater knowledge of the customers, which is instrumental to a more effective identification of the individual’s risk profile, as well as improvement of the competitiveness. However, regulatory measures are needed for a proper use of Big Data in terms of respect of the individual privacy, potential discrimination and constraint on competition.

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    • Fig. 1. Life distribution channels in 2014 (% of GWP)
    • Fig. 2. Non-Life distribution channels in 2014 (% of GWP)
    • Fig. 3. The link between Big Data and privacy