On January 18, 2019, New York’s Department of Financial Services (DFS) issued Circular Letter No. 1 (2019) to advise life insurers regarding the type of data that they may use when underwriting policies. The guidance was...more
1/30/2019
/ Algorithms ,
Anti-Discrimination Policies ,
Data Collection ,
Data Use Policies ,
Department of Financial Services ,
Disclosure Requirements ,
Disparate Impact ,
Insurance Industry ,
Insuretech Sector ,
Life Insurance ,
New Guidance ,
Protected Class ,
Startups ,
Transparency ,
Underwriting
• Insurtech start-ups are using technology to improve the underwriting process and obtain a competitive advantage.
• The CDI’s new legal opinion clarifies that even proprietary underwriting rules must be available to the...more
9/7/2018
/ CDIs ,
Innovation ,
Insurance Code ,
Insurance Contracts ,
Insurance Industry ,
Insurance Rates ,
Intellectual Property Protection ,
Public Disclosure ,
Startups ,
Technology Sector ,
Trade Secrets ,
Transparency ,
Underwriting
Nearly 30 years ago the Fair Isaac Corporation (“FICO”) first introduced its metric for measuring creditworthiness. Since then, the FICO Score has become a default metric used by countless market participants to facilitate...more
2/27/2018
/ Chamber of Commerce ,
Cloud Service Providers (CSPs) ,
Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Insurance Industry ,
Internet ,
Rating Agencies ,
Security Risk Assessments ,
Small Business ,
Underwriting ,
Vendors