FCA to dive into tech opportunities for insurance industry.

May 6, 2024
1 min read



FCA to Explore Big Tech Opportunities for Insurance Industry

TLDR:

  • FCA chief executive plans to explore big tech firms’ datasets for opportunities in financial services and insurance sectors.
  • Analysis will focus on unlocking better products, competitive prices, and wider choices for consumers and businesses.

FCA chief executive Nikhil Rathi has revealed plans to examine how big tech firms’ datasets could create more opportunities in the financial services and insurance sectors. The regulator’s analysis will focus on unlocking better products, competitive prices, and wider choices for consumers and businesses. Currently, big tech firms have access to financial services data through open banking, but are not required to share their data with the financial industry. The FCA’s call for input in November 2023 aimed to explore the asymmetry of data and data sharing mechanisms between big tech and financial services firms. If potential risks or harms from data non-sharing are identified, the FCA will develop proposals for the Competition and Markets Authority to consider when regulating designated firms’ digital and data conduct.


Latest from Blog

Your Daily InsurTech Briefing – 2024-05-24

Let’s see what’s in the news today. Briefing: Two Insurtech 50 firms collapse amid continued investor … ‘Investors are becoming more democratic in their funding allocations,’ says global head of insurtech Read

Clara Analytics broadens insurance lineup.

CLARA Analytics Article Summary TLDR: CLARA Analytics, a leading AI technology provider for insurance claims optimization, has appointed Wayne Chung as CTO and Mark Tainton as Chief Customer Officer. Chung brings cybersecurity

Your Daily InsurTech Briefing – 2024-05-23

Let’s see what’s in the news today. Earnix and Exavalu partner to revolutionise property & casualty insurance pricing Earnix, a leading global provider of AI-based SaaS pricing and rating solutions for financial