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Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges

Baris Soyer Orcid Logo

The Cambridge Law Journal, Volume: 81, Issue: 1, Pages: 165 - 194

Swansea University Author: Baris Soyer Orcid Logo

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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 no...

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Published in: The Cambridge Law Journal
ISSN: 0008-1973 1469-2139
Published: Cambridge Cambridge University Press (CUP) 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa58586
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first_indexed 2021-11-09T12:23:14Z
last_indexed 2023-01-11T14:39:17Z
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spelling 2022-11-02T13:58:02.3201560 v2 58586 2021-11-09 Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges 7f27965a58cb58769895777604972565 0000-0002-2219-0787 Baris Soyer Baris Soyer true false 2021-11-09 LAWD 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. Journal Article The Cambridge Law Journal 81 1 165 194 Cambridge University Press (CUP) Cambridge 0008-1973 1469-2139 1 3 2022 2022-03-01 10.1017/s0008197322000010 Published 2022 First issue- 1 April 2022 COLLEGE NANME Law COLLEGE CODE LAWD Swansea University SU Library paid the OA fee (TA Institutional Deal) 2022-11-02T13:58:02.3201560 2021-11-09T12:19:48.1826619 Faculty of Humanities and Social Sciences Hilary Rodham Clinton School of Law Baris Soyer 0000-0002-2219-0787 1 58586__24509__2ffc71f785734b44993e73dc58fd0bec.pdf 58586_VoR.pdf 2022-07-08T13:39:48.7851446 Output 209524 application/pdf Version of Record true Copyright © Cambridge Law Journal and Contributors 2022. This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence true eng https://creativecommons. org/licenses/by/4.0/
title Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
spellingShingle Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
Baris Soyer
title_short Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
title_full Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
title_fullStr Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
title_full_unstemmed Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
title_sort Use of Big Data Analytics and Sensor Technology in Consumer Insurance Context: Legal and Practical Challenges
author_id_str_mv 7f27965a58cb58769895777604972565
author_id_fullname_str_mv 7f27965a58cb58769895777604972565_***_Baris Soyer
author Baris Soyer
author2 Baris Soyer
format Journal article
container_title The Cambridge Law Journal
container_volume 81
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container_start_page 165
publishDate 2022
institution Swansea University
issn 0008-1973
1469-2139
doi_str_mv 10.1017/s0008197322000010
publisher Cambridge University Press (CUP)
college_str Faculty of Humanities and Social Sciences
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hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str Hilary Rodham Clinton School of Law{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}Hilary Rodham Clinton School of Law
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description 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.
published_date 2022-03-01T04:10:56Z
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