Share
Insurance Covered
Big data and data profiling in the insurance industry (With Brendan McGurk)
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.
This episode we are joined by Brendan McGurk, who is a barrister at Monckton Chambers, and we will be looking at the big data and data profiling in relation to the insurance industry.
Brendan has recently released an award winning book 'Data profiling and insurance law' and we begin by discussing an overview of what the book covers. One aspect of this is looking at the way in which insurers will use big data and predictive analytics for the purpose of underwriting. Brendan explains that as insurers get more access and involvement in big data, they will be able to more accurately access and price risk. He goes on to explain that competitive advantage will be with the insurers that develop the best algorithms for assessing risks.
When looking at where insurers might get this kind of data Brendan explains the 'Internet of Things' (IoT) which is the vast web of devices connected to the internet. Brendan identifies three devices that contribute useful data for insurers; black boxes in cars, wearable technology (smart watches) and smart devices in your home like Google Nest, Amazon Alexa and the devices they can connect to (fire alarms, leak detectors, cctv cameras). The information provided by these devices enable insurers to more accurately assess a situation and determine the risk levels and price accordingly.
Away from underwriting Brendan explains how big data can enable big changes in the way claims are handled. If claims handlers have access to the data and can use it in a meaningful way, they are able to paint a much clearer picture and investigate more accurately. Drawing back on the example of the black box in cars, insurers can see when the accident occurred, where, what speed the insured was moving therefore giving them a much clearer indication on the validity of the claim.
Finally, we look at the transparency and privacy concerns of big data and using people's data potentially without them knowing or consenting. We look at the duty of good faith, GDPR issues, potential use of protected characteristics and the risk of data breaches from holding this data.
We hope you enjoy the podcast! If you did, please subscribe to be notified of future episodes.
More episodes
View all episodes
2. The role of the actuary (With Harriet Hughes)
33:29||Season 6, Ep. 2Welcome to Insurance Covered, the podcast that covers everything insurance.In this episode, Peter Mansfield speaks with Harriet Hughes, an actuary with extensive experience in the insurance industry. They delve into the role of actuaries, exploring how they quantify future uncertainties and assess risks across various sectors, including property and legal entities. Harriet shares her journey from studying mathematics to becoming a reserving lead at Liberty Mutual Insurance, emphasizing the importance of actuarial work in predicting the ultimate value of claims and ensuring insurers maintain profitability. The conversation also touches on the challenges actuaries face, such as estimating incurred but not reported claims (IBNR) and the need for expert judgment in a volatile environment.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.1. How to be a Lloyd's Member (With Belinda Schofield & Kate Tongue)
36:39||Season 7, Ep. 1Welcome to Insurance Covered, the podcast that covers everything insurance.In our first episode of 2026 Peter is joined by two guests, Belinda Schofield, Chief Executive of The Association of Lloyd's Members (ALM) and Kate Tongue, Executive Director at Argenta Private Capital Limited. In this episode they discuss what a Lloyd's member is, what the benefits are and how to become one.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.Argenta Private Capital Limited is authorised and regulated by the Financial Conduct Authority (No. 204845). Underwriting at Lloyd’s carries significant risk, including potential underwriting losses. Participants remain liable until all syndicate liabilities have been reinsured to close, subject to no reinsurance failure. Past performance does not guarantee future results.26. Insurance and the art of uncertainty (With Sir David Spiegelhalter)
47:07||Season 6, Ep. 26Welcome to Insurance Covered, the podcast that covers everything insurance.In this conversation, Peter Mansfield and Professor Sir David Spiegelhalter explore the intricate relationship between insurance and uncertainty. They discuss the nature of uncertainty, the role of statistics, and the importance of effective communication in risk assessment. The conversation delves into the types of uncertainty relevant to insurance, the significance of models in decision-making, and the challenges of causation in claims. They also touch on the distinction between risk and uncertainty, the need for trust in expertise, and practical considerations for making decisions in an uncertain world.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.25. A look at captive insurance (With Caroline Wagstaff)
30:42||Season 6, Ep. 25Welcome to Insurance Covered, the podcast that covers everything insurance.In this conversation, Peter Mansfield and Caroline Wagstaff discuss the concept of captive insurance, its benefits, and the current efforts to establish a captive insurance market in London. Caroline shares insights on the regulatory landscape, the historical context of captives, and the potential for growth in the UK market. They also touch on government support and the importance of creating a competitive environment for captives in London.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.24. A look at Fine Art & Specie Insurance (With Joshila Sharma)
36:33||Season 6, Ep. 24Welcome to Insurance Covered, the podcast that covers everything insurance.In this episode, Peter Mansfield interviews Joshila Sharma, a specialist in Fine Art and Specie Insurance. They explore the broad definitions of fine art and specie, the unique items covered under these insurance policies, and the intersection with cargo insurance. Joshila shares her experiences in the industry, including the most expensive items she has insured and the challenges posed by natural disasters. She also discusses her motivation for starting Amalthea Underwriting and her passion for marine conservation.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.23. Life as an insurance CEO (With Mark Wheeler)
38:09||Season 6, Ep. 23Welcome to Insurance Covered, the podcast that covers everything insurance.In this episode, Peter Mansfield interviews Mark Wheeler, co-CEO of Mosaic Insurance, discussing his journey from underwriter to CEO, the challenges and joys of leadership in the insurance industry, and the impact of geopolitical risks and technological advancements like AI and climate change on the sector. Mark emphasises the importance of curiosity, collaboration, and maintaining a strong company culture while navigating the complexities of the insurance landscape.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.22. Women in insurance (With Sandra Lewin)
40:26||Season 6, Ep. 22Welcome to Insurance Covered, the podcast that covers everything insurance.In this episode, Peter Mansfield interviews Sandra Lewin, Founder of 100 Women in Insurance. They discuss Sandra's journey into the insurance industry, her motivations for advocating for women, and the importance of celebrating female talent. The conversation covers statistics on women in the insurance market, the challenges they face, and the role of men in achieving gender equality. Sandra shares insights on the retention of female talent and the impact of societal structures on women's careers. The episode concludes with advice for both men and women in the industry.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.21. A look at a Lloyd's Managing Agent (With Lorraine Harfitt)
36:07||Season 6, Ep. 21Welcome to Insurance Covered, the podcast that covers everything insurance.In this episode, Peter Mansfield interviews Lorraine Harfitt, CEO of Asta, to explore the role of Lloyd's Managing Agents. Lorraine shares her journey in the insurance industry, the structure of Lloyd's, and the responsibilities of managing agents. The conversation delves into the differences between managing agents and members agents, the history of managing agents, and the regulatory framework governing them. Lorraine also discusses the future of Asta and the Lloyd's market, highlighting opportunities for young professionals in the insurance sector.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.20. Insurance-linked Securities, Catastrophe Bonds and the convergence of the insurance and capital markets (With Steve Evans)
35:46||Season 6, Ep. 20Welcome to Insurance Covered, the podcast that covers everything insurance.In this episode, Peter Mansfield dives into the intricate world of insurance-linked securities and catastrophe bonds with expert Steve Evans. They explore the convergence of insurance and capital markets, discussing how these financial instruments provide protection against major natural disasters. Steve shares insights on the growth of the ILS market, the benefits for insurers and investors, and the future potential of these innovative financial products. Whether you're new to the topic or looking to deepen your understanding, this episode offers a comprehensive overview of a niche yet rapidly expanding market. Tune in to learn how these securities are shaping the future of risk management.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.