Insights

Legal & Technology

Navigating the pitfalls of Big Data mining

The insurance industry’s appetite to see how Big Data might be mined to price products more accurately attuned to individual consumer behaviour is growing. Messrs Dino Wilkinson and Tyler Dillard of Norton Rose Fulbright caution insurers to tread carefully when harnessing the power of Big Data or risk losing customers and being embroiled in litigation.

Cyber

Say it in certain terms

When it comes to claims settlement in cyber risk insurance, ambiguity in wordings and exclusions often result in rejections and disputes. Mr Amar Shah of Risk Exchange says insurers should use the same words to define risks and good practices which can be shared and set as the industry benchmark.

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VAT on insurance

Map and realign before VAT goes live

Insurance companies in the GCC need to be VAT-ready and will need to map and realign their business transactions, supply chains and IT systems to make them effective on introduction of 5% tax from January 2018.