The Risks of Innovative Application of Insurance Data and Their Regulatory Pathways
The innovative application of data in the insurance industry improves the accuracy of risk decision-making by insurance institutions.However,this has also transformed the essence of data analysis,shifting from"group probability statistics"to"individual risk profilings."Consequently,the mode of insurance service provision has changed.Due to the unique application scenarios of insurance data,the risks associated with the data use have extended to the operational level.These risks specifically include macro-level distortions in the insurance supply structure,meso-level data and cybersecurity risks,and micro-level risks of privacy and trade secret leaks.The existing data legal framework,oriented towards data security management,fails to encompass these risks.To balance the innovative application and protection of insurance data,it is necessary to establish a responsibility framework for reasonable data use based on mutual trust.This framework includes"two dimensions"of internal and external governance systems.Each dimension incorporates"two main lines"—the insurance business process and the entire lifecycle of insurance data processing.This results in the formation of three institutional systems:rules for insurance data processing,rules for the protection of insurance consumers'data rights,and the data protection obligations of insurance institutions.
Insurance DataFintechSystemic RisksReasonable Use of DataResponsibility Framework
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