Results 11,581-11,600 of 35,639 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: I do not want to pick a fight but I think the presentation was not fair towards the FCA's work. The FCA has done quite a lot of work on this in the last two years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: The presentation, however, suggested it is still carrying out further analysis and so on. Let us be clear on the interim report before us. The next steps will be consultation on the proposals the FCA has outlined, which include banning dual pricing and automatically switching customers onto the best-priced policy. Those are the next steps. The FCA has come up with a suite of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: The consultation phase is on the next steps to be taken.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Does Ms Rowland have a view on the interim findings and the remedies on which we propose to focus, including a ban on dual pricing? What is her view on the potential remedies we propose not to focus on? What remedies should we be considering? Are there any other potential changes or innovations? While the FCA is carrying out consultation, it is doing so in the final stages of a large...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: While I welcome that the work will be done, does the Central Bank have information that any insurance companies in the Irish market are using social media information to inform their price structuring?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Is Ms Rowland aware that the usage of artificial intelligence to manipulate unstructured data and take information from pictures, videos and other online content is a practice in the insurance industry?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: It has been fairly widely reported that this happens in the context of pricing. Leaving aside dual pricing, there have been many reports of insurance companies using algorithms and artificial intelligence to inform the issues of pricing and risk in the insurance industry. I am sure Ms Rowland is aware that the European Insurance and Occupational Pensions Authority, EIOPA, carried out a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Many people watching these proceedings may think the data companies use and manipulate to try to determine one's behaviour and see whether one is susceptible to an increased premium are data which people give them. We give insurance companies a significant amount of data, including our Eircode postcode, as well as our job title, which influences one's price bracket. We tell home insurance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: As Mr. Cullinan pointed out, there is a higher level of sophistication in certain other jurisdictions, including our neighbour. However, the EIOPA study showed a big increase in these practices. Many of the companies stated that although they are not currently using these techniques, they will begin doing so. It is very timely, if not overdue. The other data the companies use to profile...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Returning to the consumer protection code, I am conscious that the Central Bank has to carry out an analysis of the industry. How can a person be charged significant extra fees by the same insurance company at renewal time despite no change in his or her risk? We know that people tend to roll over their policy and accept the renewal quote they receive, even though they could get a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: That is---

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: May I ask a question?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Ms Rowland stated her approach is to look at fairness over time. Where does she get that from? The consumer protection code does not say it will protect people over their lifetime but it is okay if they are shafted for about five years by certain sectors. That would be like me being charged €50 for a loaf of bread in my local shop and being told by the shopkeeper not to worry...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Ms Rowland said-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: A product is taken out for one year. How can Ms Rowland suggest that Mr. A or Mrs. B will be supported over time given that those customers could move somewhere else.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: The consumer protection code exists in the here and now to protect customers in the here and now. It does not deal with what a company may do to customers over the lifetime of their experience. I and many others have phoned our insurance companies to ask if a renewal quote is the best the company can offer. If it says it is the best quote and I ask why I can get a quote from the same...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: That is not what I am asking.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: Did the insurance company that I was with act honestly, fairly and with integrity in the interests of its customer, which was me, when it told me that the best price it could give me was €274 more than I would get from the same company online? In the case of a constituent who was being charged €4,000, when I inputted online her exact details - the exact profile the company sent...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (12 Nov 2019)

Pearse Doherty: On a wider issue, the insurance market is completely and utterly broken for many people. The issue goes wider than dual pricing, which is just one element. We have a system under which people are legally required to have insurance to drive on the roads, and rightly so. That system is not in place in every country. I will give the example of a 19 year old who holds a provisional licence,...