FCA to study ‘Big Data’ use by insurers | Reuters

Britain’s financial watchdog has begun looking at how “big data” affects prices of home and car insurance to see if a formal market review is needed.Big data refers to the use of new or expanded data on consumers from a wide range of internal and outside sources such as debit and credit card purchases, social media postings, mobile phone apps, and even from sensors in cars to show driving habits.The Financial Conduct Authority (FCA) said it wanted to understand how this has developed in recent years and might change over the next five years.

Source: FCA to study ‘Big Data’ use by insurers | Reuters

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