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Data Profiling and Insurance Law

By: Brendan McGurk
Media of Data Profiling and Insurance Law
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Published: 21-03-2019
Format: PDF eBook (?)
Edition: 1st
Extent: 312
ISBN: 9781509920624
Imprint: Hart Publishing
RRP: £37.79
Online price : £30.23
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About Data Profiling and Insurance Law

The winner of the 2020 British Insurance Law Association Book Prize, this timely, expertly written book looks at the legal impact that the use of 'Big Data' will have on the provision – and substantive law – of insurance. Insurance companies are set to become some of the biggest consumers of big data which will enable them to profile prospective individual insureds at an increasingly granular level.

More particularly, the book explores how: (i) insurers gain access to information relevant to assessing risk and/or the pricing of premiums; (ii) the impact which that increased information will have on substantive insurance law (and in particular duties of good faith disclosure and fair presentation of risk); and (iii) the impact that insurers' new knowledge may have on individual and group access to insurance.

This raises several consequential legal questions: (i) To what extent is the use of big data analytics to profile risk compatible (at least in the EU) with the General Data Protection Regulation? (ii) Does insurers' ability to parse vast quantities of individual data about insureds invert the information asymmetry that has historically existed between insured and insurer such as to breathe life into insurers' duty of good faith disclosure? And (iii) by what means might legal challenges be brought against insurers both in relation to the use of big data and the consequences it may have on access to cover?

Written by a leading expert in the field, this book will both stimulate further debate and operate as a reference text for academics and practitioners who are faced with emerging legal problems arising from the increasing opportunities that big data offers to the insurance industry.

Table Of Contents

I. Scope and Structure of the Book
II. Big Data's Impact on Insurance
III. Information Asymmetries and Principles of Insurance Law
IV. Remedies for Insurers' Misuse of Big Data
V. Relationship between Social Change and Legal Principle

1. Big Data and Predictive Analytics
I. Big Data: Definition and Techniques
II. The Nature, Collection, Sources and Aggregation of Data
III. How Big Data is Transforming Insurance Business
IV. Conclusions
2. Regulatory Assessment of the Use of Big Data by Insurers
I. Regulatory Assessment by UK Regulators
II. Regulatory Assessment by EU Regulators
III. Conclusions
3. Emerging Themes and Issues
I. Transparency and Privacy Concerns
II. Information Asymmetries, Adverse Selection and Segmentation of Risk Pools
III. Access to Insurance
IV. Conclusions

4. Big Data and the Permissible Constraints on the Scope of Cover
I. Terms of Insurance Contracts
II. General Constraints on Policy Terms
III. Constraints in Relation to Specific Classes of Risk
IV. Conclusions
5. Good Faith and Duties of Disclosure in Insurance Law
I. Duties of Disclosure in English Contract Law
II. The Good Faith Duty of Disclosure in Insurance Law
III. Legislative Reform
IV. Conclusions

6. Regulatory Constraints on the Collection and Use of Data
I. Financial Services Regulation
II. Regulation of Insurance – The Insurance Distribution Directive
III. Data Protection Regulation
IV. Conclusions
7. Impact of Regulatory Duties on the Content of the Duty of Good Faith
I. Deficiencies in the Good Faith Duty of Disclosure
II. Does the GDPR's Application to Insurers Address the Common Law's Deficiencies?
III. Can the Good Faith Duty of Disclosure Evolve by Analogy with the GDPR?
IV. The Evolution of the Common Law Duty of Disclosure on Insurers
V. Conclusions

8. Remedies for Insurers' Misuse of Data
I. Financial Services Remedies
II. Consumer Law Remedies
III. Equality and Anti-Discrimination Remedies
IV. Competition Law Remedies
V. Data Law Remedies
VI. Insurance Law Remedies at Common Law

9. Conclusions
I. Summary of the Argument
II. Detailed Conclusions
III. The Future of Insurance in the Big Data Age


“From academics to insurance lawyers, readers will appreciate the detailed and thorough examination and analysis in this monograph, of what is developing into a very complex subject.” –  Elizabeth Robson Taylor and Phillip Taylor MBE, Richmond Green Chambers

“[T]his book is not only timely, it is very relevant to any consideration of the transformation of the insurance industry and of insurance practice. The book is a first-class reference text and an invaluable resource for academics, insurers, practitioners and policymakers when considering or addressing the opportunities, challenges and problems associated with big data and insurance law.” –  Professor Julie-Anne Tarr, Queensland University of Technology, Insurance Law Journal

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