EIOPA has responded to the Commission’s consultation on FinTech.
EIPOA notes that digitalisation / InsurTech is of strategic importance for the insurance and pensions sector. It has an impact in all of the areas of the value chain.
They also note that there are some risks arising from digitalisation that supervisory authorities need to examine very carefully. This is for instance the case with possible price discrimination issues or with vulnerable consumers’ access to insurance. Digitalisation could also lead to an increasingly fragmented insurance value chain, raising challenges from a supervisory perspective, similar to the increasing exposure of undertakings to cyber risks.
The response goes on to cover:
- Big data and the Internet of Things
- Cyber Security and Impact of Fintech on Financial Stability
- Supervisory approaches to financial innovation
- Automation of financial advice
- Block-chain, artificial intelligence and peer-to-peer insurance