Results 12,681-12,700 of 36,748 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: -----report for Ms Rowland. It states: 1 in 3 consumers in our consumer research who paid high prices showed at least one characteristic of vulnerability, such as having low financial resilience or capability. For consumers who bought combined contents and building insurance, lower income consumers (below £30,000) pay higher margins than those with higher incomes. This is one of...

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

Pearse Doherty: One of the active considerations and proposals, among others, from the FCA is banning dual pricing.

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

Pearse Doherty: One of the active considerations from the FCA is the banning of dual pricing.

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

Pearse Doherty: I appreciate that Ms Rowland has a lot to say but my time is limited so I will-----

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

Pearse Doherty: Let me go through this quickly. I ask Ms Rowland to be as brief as possible. Does she agree with the statement in the White Paper on the task force in 2015 in the US, which said that two insurance customers with the same risk profile should be charged the same premium for the same coverage? That task force led to the banning of dual pricing in at least 17 states in the hotbed of capitalism...

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

Pearse Doherty: Does she believe in that statement? I do not want to push her but I need-----

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

Pearse Doherty: I am not asking Ms Rowland about the legislation. I am asking her whether she believes in that statement. Does she believe in that principle? I just want to figure out from where she is coming.

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

Pearse Doherty: Forget about legislation, I just want to know whether, in principle, Ms Rowland believes in the statement that two insurance customers having the same risk profile should be charged the same premium for the same coverage.

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

Pearse Doherty: That is fine. Ms Rowland said that the consumer protection code of 2012 is central to the Central Bank's conduct of business mandate. We know that firms must fully disclose all relevant information, including charges, in a way that seeks to inform their customers and act fairly in the interests of customers. I gave Ms Rowland two examples earlier. One involved Ray who had a renewal...

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...