Exclusive video: FINEOS on the power of data and analytics
Held at the QEII Centre in the heart of Westminster, our annual conference, FinTech LIVE London 2023, proved to be a disruptive learning and networking experience.
The two-day event gave leading lights from across the fintech industry an opportunity to showcase their latest strategies, projects and innovations, while attendees soaked up valuable insight and expertise.
Proceedings on day two continued into the afternoon with a keynote from Paul Donnelly, EVP EMEA at the Irish software developer FINEOS, a leading provider of core systems for life, accident and health insurers across the globe.
He discussed the high level of regulation that currently exists in the life and health insurance industries, as well as the potential use of data, AI and analytics for decision making.
Insurers facing numerous obstacles
Donnelly began his keynote by assessing evolving attitudes towards data and AI, and the hurdles companies operating in the insurance sector are facing as a result.
"Societal attitudes towards the collection of data and the use of AI are hardening," he said.
"I would say more broadly in society – across Europe, certainly – we're seeing the beginnings in the life insurance industry of a societal change against the mass deployment of AI techniques and the use of data."
In support of this he referenced GDPR regulations in place across the UK and Europe, which legislate that machines have no sole right to make a decision about any citizen.
"So, to find your claim or application for life assurance has been automatically assessed by a computer runs contrary to the spirit of both of those pieces of legislation," added Donnelly. "In particular, if you think about AI techniques, in theory they constantly learn and run afresh each time, so there's very little defence to that being a computer-based decision."
"Society has moved to a different place, focusing rightly on the needs of individuals, but it presents an obstacle to deploying data analytics, predictive analytics and operationalising that in the same way as other parts of the financial services sector.
"The question for life insurers is, 'do we just power ahead and ignore that, or do we give up entirely?'"
However, Donnelly went on to explain numerous cases from within the industry where data, AI and analytics can be safely and effectively utilised.
To watch the session in full, simply follow the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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