InsurTech Task Force

The InsurTeck Task Force (ITF) leads EIOPA’s current work relating to issues and aspects arising from InsurTech. In particular, the ITF analyses the use of Big Data by (re-)insurance undertakings and intermediaries (both incumbents and start-ups). Furthermore, the ITF maps the supervisory initiatives undertaken by the different jurisdictions in the areas of InsurTech, with a view of establishing efficient and effective supervisory practices. At a later stage, the ITF will also concentrate, among other tasks, on the convergence on supervision of algorithms and explore the benefits and risks arising from the use of blockchain and smart contracts for (re-) insurance and consumers.

In view of the wide range of issues and aspects arising from InsurTech, the ITF gathers expertise from all the relevant disciplines including consumer protection, financial stability, policy, supervisory oversight, IT, etc. The ITF also liaises with all relevant EIOPA working groups and steering committees as well as with EIOPA’s Stakeholder Groups. Moreover, the ITF ensures coordination with the relevant work being developed in the area of InsurTech by the European Commission, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and other relevant EU and international institutions and bodies.