Italy’s antitrust regulator said on Monday it had given its green light to a project against fraud risks in the insurance sector developed by national association ANIA, considering it in line with competition rules.
The project includes the creation of databases and common algorithms to determine fraud risk indicators and was object of a probe opened in November by the watchdog due to “certain critical issues regarding competition”, the statement said.
“There was a risk that.. the development of the algorithms could influence the choices by the companies and that sharing a large amount of data could lead to collusion,” it added.
The antitrust regulator said ANIA had committed to solve the issues raised, limiting and granting a correct use of the databases and that the project could lead to significant cost savings, translating into more convenient prices for customers.
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