InsurTech is of strategic importance for the insurance sector and it is therefore a topic that the EIOPA is following closely. There are numerous opportunities arising from InsurTech, both for the industry and for consumers, but is has also become increasingly clear that digitalisation is raising a wider range of issues and aspects that deserve the attention from supervisory authorities in close cooperation with stakeholders.
Against this background, on 28 April 2017 EIOPA organised a first roundtable to discuss with stakeholders the benefits and risks of digitalisation for the industry and consumers as well as potential impediments to effective innovation.
EIOPA is organising a second InsurTech Roundtable on 9 November 2017, exploring the implications of using big data for pricing and its impact on underwriting as well as risk management.
Key issues for consumers include the transparency of pricing. A perceived lack of transparency from the industry about how premiums are calculated makes it difficult for consumers to understand whether a quote they are given is accurate and provides them with adequate cover. Without some explanation of how insurance firms assess risk, consumers are asked to trust that pricing is fair and their claims will be met.
A preliminary programme is available here.
Please contact the organiser at firstname.lastname@example.org for further information.
Venue of the roundtable
EIOPA, Westhafenplatz 1, Frankfurt am Main, Germany