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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: What about a person living in the Gaeltacht who gets an insurance policy from the insurance company and notices on the documentation that it misspells the Irish language address on the policy. That person asks for it to be corrected and is charged €175 for that pleasure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: What is Mr. Hassett's view of the fact that insurance companies are pricing young motorists off the road, which unfortunately in some cases is leading some of them to drive without insurance, which is wrong? A case in point is a 17 year old who contacted me who is looking for third-party fire and theft cover for his own car. He is a provisional licence holder, so he would have to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Why is the market so broken? We are fleecing such young drivers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: On Insurance Ireland’s aims and objectives to help the industry to support its consumers, what about the practice of dual pricing? Take the practice of an insurance company operating in Ireland, a member of Insurance Ireland, quoting an existing consumer €4,000 for a renewal. However, when I enter my details into the company’s website, as a first-time customer, I get a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Does Mr. Hassett believe that this happens?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Has Mr. Hassett ever asked insurance companies about dual pricing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Has it ever discussed with insurance companies the issue of artificial intelligence?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Has Insurance Ireland discussed the issue of artificial intelligence and machine learning?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Has Insurance Ireland an innovation partnership with Accenture?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Has it reported that companies that develop, for example, data management capability and control and utilise the massive data that are collected across the insurance value chain are the ones that will differentiate themselves from the rest? Has it also stated companies need to adapt their analytics and optimise customer experience to keep and grow their share of the wallet?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Does Accenture chair and sponsor the innovation task force with Insurance Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Was it involved in, for example, breakfast briefings for the industry concerning artificial intelligence and machine learning?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: The reason I raised this is because Mr. Hassett just said that the issue of artificial intelligence and machine learning is not something Insurance Ireland has discussed. Not only has it discussed this issue, its partner, Accenture, is involved in breakfast briefings with Insurance Ireland on this. One does not have to go far to find this out. It is in Insurance Ireland's 2017 annual...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Which one?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Hang on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Accenture in Insurance Ireland’s 2017 annual report stated, “We will also roll out the next series of breakfast briefings to the membership of Insurance Ireland on matters of most strategic importance to them and we plan to launch a survey in 2018.” This was accompanied with a nice collage of pictures of previous breakfast briefings to the members of Insurance Ireland,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: That is fine. However, I take issue with Mr. Hassett’s earlier comment suggesting this was never discussed. We can give him the transcripts on this. Mr. Hassett mentioned the EIOPA analysis done with 222 insurance companies. Did any insurance companies in Ireland participate in that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Did Insurance Ireland participate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Is Insurance Ireland aware of any insurance companies using third-party data in terms of their pricing structures?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Would Mr. Hassett be shocked to learn if it were the case that third-party data, such as loyalty cards in SuperValu chains or credit card information, was used by insurance companies to look at behaviour analysis for dual pricing?

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