Oireachtas Joint and Select Committees

Thursday, 21 November 2019

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

Dual Pricing for Insurance: Discussion (Resumed)

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

Dual pricing, however, is not about pricing the risk. Dual pricing is the layer above the risk where one looks at behaviour statistics. For example, the EIOPA study, in which 222 insurance companies participated, makes it clear. A different type of data is used. There are the data we provide to the insurance companies. Third-party data are purchased legally by the companies from other sources. They are from people ticking boxes allowing their data to be sold. Irish Rail, for example, has one of those tick boxes. The third part is where insurance companies use artificial intelligence to draw down data from Facebook posts, video posts and so forth. Is Mr. Hassett aware that either of those second pieces of data are being used by the insurance industry?

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