InsurTech Futures: Fintech growth could create “insurance underclass”
CII report warns that use of fintech and big data could lead to some people being uninsurable.
An "uninsurable underclass" could be created as the use of fintech and big data in the insurance sector become more sophisticated according to a report by the Chartered Insurance Institute (CII) and Cicero.
The Financial Technology (Fintech) Risk Report examines the inherent risks in the growth of FinTech and the impact this will have on wider society.
The report found that big data is providing insurers with a level of individualised data that has never been seen before where they can much more
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