Ethics, Legal and Privacy Concerns for the Next Generation of Insurance Policies

Abstract We present a set of hypothetical scenarios and cases where the need for access, sharing and processing of sensitive personal information increases the transparency of the customer to buyer relationship, although it may irreversibly damage the customer’s sphere of privacy. Highly personalised early risk prediction models for use by insurance companies to estimate the probability that a specific event (heart infarct) or a disease (diabetes) occurs in a given individual over a predefined time can enable earlier and better intervention, prevent negative consequences on a person’s quality of life and thus result in improved individual health outcomes. The challenge is to design, develop and validate new generations of comprehensive models that will be the result of a consensual process with the customers and will be based on artificial intelligence and other state-of-the-art technologies using multiple available data resources and will integrate them in personalised insurance policy pathways that empower the customers to actively contribute to their own individual health-risk mitigation and prevention.