Tom Neville (Limerick County, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Okay. I ask the witnesses to educate me on where they are coming from on the use of data mining by businesses as they are trading. Have they any comments to make on the collection of consumer behaviour analysis, particularly in the case of the insurance industry? Smart technology has become extremely sophisticated over the past three or four years. The algorithms that are used are extremely sophisticated. The mapping of a market can now be quite sophisticated. Algorithms can be used to put prediction models in place. I do not know what types of algorithms are being used. I do not know whether virtual learning algorithms are being used. I would like the witnesses to comment on this matter. Obviously, these types of algorithms are getting more and more sophisticated. I will mention as an example a case in which a person telephones an insurance company to say he or she was quoted €200 more with another company. I do not know whether the companies are logging that information. If they are using these very sophisticated algorithms, it will not be long before they have the market completely mapped. That will enable them to do some sophisticated forecasting. I ask the witnesses to comment on this. Have they had any engagement in this regard? Where does this fall under fair trading?