Why online insurance is a black box: even to regulators

One insurance regulator sets out how he is wrestling with the problem of detecting selection bias at online brokers and struggling to push the industry to protect itself from cyberattacks.

Ever wondered how comparison websites rank insurance policies for you to buy So do regulators.

The question is increasingly urgent as more people turn to lightly regulated fintech start-ups for help with potentially life-altering financial decisions, and trust online sites with in-depth personal financial data.

Industry regulators charged with protecting policyholders are scrambling to keep up as the industry rapidly shifts from using door-to-door salesman carrying an armful of paper forms to digital distribution platforms.

How can watchdogs hold robots responsible for advice Detect selection bias in online brokers’ algorithms Or even prevent hackers from stealing citizen’s financial profiles stored by insurance companies and...

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