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Chartered Insurance Institute
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Big data in general insurance - CII consultation response

The CII's response to the FCA's consultation on Big Data in general insurance.

The CII welcomes the FCA Call for Input on Big Data. We think that this is a high profile public issue and the profession must work together with the regulator to articulate a clear and reasoned response about how this data is used in the public interest.

This topic is of particular interest to the CII. In 2015, we published a discussion paper which explored in depth many of the issues you raised. Although not attempting to provide all the answers, our paper does try to encourage insurance professionals to think about these issues and start a conversation about some of the vital questions associated with big data and insurance.

Big data will also create challenges to the insurance sector to develop new skills and capacity not least to traditional underwriting methods. The insurance profession needs to think about the new skills required for the analysis of big data and help ensure they are built into new training and competence requirements.

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