New York Regulators Allow Use of Social Media Data For Insurers

The New York Department of Financial Services is allowing life insurers to use nontraditional data in order to determine premium rates; the news comes with a caveat that the insurers must prove that it doesn’t discriminate against customers; New York is the first state to set guidance on how insurers can use alternative data for risk scoring; the regulator noted that this is an evolving area in insurance underwriting and that they wanted to get ahead of the problem and thus decided to create general principles now. Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!