Big data and its big benefits for insurance consumers : regulation must allow innovation by insurers for full benefits to be realised

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      <subfield code="a">Data has always been vital for insurers. In fact, since the industry began, insurers have used data to analyse the risks faced by their clients.
This process has two parts: first, when designing their products, insurers analyse past events to estimate the probability of these events occurring again. This allows them to manage the risks of offering a new insurance policy. Then, when a client buys an insurance policy, the insurer uses data to assess the risk posed by the new customer. This process is referred to as underwriting</subfield>
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