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.
Call for a case study
Participants will discuss the use of Big Data, especially ethical implications of using data for pricing, impact on underwriting and risk management. To facilitate this discussion, EIOPA encourages interested parties to submit a proposal for a case study by following the hyperlink below. Also, interested parties that want to participate and can contribute with in-depth knowledge to the topic of the roundtable are encouraged to fill out the form.
Form for a submission of a case study proposal
EIOPA will revert back to interested parties usually within 7 working days and confirm or reject participation. Please note that EIOPA does not offer any reimbursement of travel and accommodation expenses.
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