Oireachtas Joint and Select Committees

Thursday, 3 October 2019

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Insurance Sector: Discussion (Resumed)

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It is a reputable organisation and it states that optimisation algorithms, which the witnesses agree that Aviva has, can push prices up for loyal customers who have been renewing their policies with the same insurer for a few years because the model perceives them to be less price sensitive. Is that not the model? Is that not why Aviva is talking to people with expertise in behavioural analysis, is that not the point of big data mining? The company targets individuals using these algorithms to say that this individual has renewed several times, is less price sensitive and therefore it can charge an additional premium.

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