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      Liability for Incorrect Client Personalization in the Distribution of Consumer Insurance

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      Risks
      MDPI AG

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          Abstract

          The use of personalization mechanisms should allow the insurance distributor to reduce exploration costs and adjust the offered insurance product to the needs, features, and situation of each individual client. This study seeks to examine how liability should be allocated when the process of the personalization of an insurance product does not result in the client’s choice of an optimal product. First, we identify the typical uses of new technologies allowing for an adjustment of insurance contracts. Second, we analyze the interplay between their application and the legal obligations of insurance product distributors. Subsequently, the paper discusses the scope of factors the insurance distributor is liable for when using personalizing tools in contacts with clients. We submit that offering an online personalization of insurance products ought to be regarded as being equivalent to providing advice under Art. 2, Sec. 1, Point 15 of the European Union Insurance Distribution Directive (IDD). From the consumer’s perspective, our analysis makes the case for the insurance distributor’s liability for mispersonalization of an insurance contract.

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          Most cited references30

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          Personalization versus Customization: The Importance of Agency, Privacy, and Power Usage

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            The Future of FinTech

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              Regulating Robo Advice Across the Financial Services Industry

              Tom Baker (2017)
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                Author and article information

                Contributors
                (View ORCID Profile)
                Journal
                Risks
                Risks
                MDPI AG
                2227-9091
                May 2021
                May 01 2021
                : 9
                : 5
                : 83
                Article
                10.3390/risks9050083
                2b0ca6e9-7411-481e-b644-0f8b9da68735
                © 2021

                https://creativecommons.org/licenses/by/4.0/

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