Fair Treatment of Consumers in Uses of Big Data Analytics in Auto Insurance Report
Treating consumers fairly when using big data analytics in the auto insurance system
The Financial Services Regulatory Authority of Ontario’s (FSRA) Technical Advisory Committee for Auto Insurance Data and Analytics Strategy is releasing its final report on the Fair Treatment of Consumers in Uses of Big Data Analytics in Auto Insurance.
The report contains the views and recommendations of the Committee concerning model fairness, consumer transparency and supporting vulnerable consumers in the application of big data analytics in auto insurance rating, underwriting and claims. It offers an opportunity to build trust and mutual understanding between consumers and the industry, particularly in areas of high complexity such as big data analytics.
The recommendations from this report will inform how FSRA sets and delivers on its priorities to reform auto insurance rates and underwriting regulation to better protect consumer interests while promoting market innovation.
FSRA would like to thank the Advisory Committee members for their active participation and generous contribution of time. The Advisory Committee comprises a group of experts in data, analytics, and technology from financial services providers, fintech companies, and consulting firms.
- Technical Advisory Committee for Auto Insurance Data and Analytics Strategy
- Auto Insurance Data and Analytics Technical Advisory Committee Report
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.