EIOPA's Report on the digitalisation of the European insurance sector

Over the past years, digitalisation has had an increasingly important role in enhancing the design, development and selling of innovative (re)insurance products and services through both traditional and new digital platforms and channels. Leveraging on the increasing availability of data in today’s digital economy and the advent of new technologies such as Artificial Intelligence (AI), Blockchain or Internet of Things (IoT), digitalisation offers a wide range of opportunities for insurance undertakings, insurance distributors and customers.

However, digitalisation also brings new challenges, and can create frictions with market practices and regulations not designed with these innovations in mind. Given the diversity of initiatives and the high speed of developments, monitoring of digitalisation initiatives in the European insurance sector and assessing opportunities and risks have become an increasingly important priority for EIOPA and its Members.

Against this background, in 2023 EIOPA launched an EU market-wide survey aiming to better understand the dynamics, opportunities, and risks associated with ongoing digitalisation projects in the European insurance sector. The findings of this survey are summarised in this report and are complemented with inputs from a Eurobarometer survey providing customer’s perspectives on certain digitalisation aspects.