04/30/2024 | Press release | Distributed by Public on 04/30/2024 03:05
The European Insurance and Occupational Pensions Authority (EIOPA) published today a report in which it analyses the level of digitalisation in the European insurance sector. The findings of the report - based on responses to EIOPA's 2023 Digitalisation Market Monitoring Survey and insights from a dedicated Eurobarometer poll - show a broad spectrum of practices in the market and point to substantial differences in the digital readiness of individual insurers.
Digitalisation is increasingly affecting the way (re)insurance products and services are designed, developed and distributed in the EU. Increasing data flows in today's digital economy and technological advancements such as artificial intelligence (AI), blockchain and the Internet of Things (IoT) offer wide-ranging opportunities to insurance undertakings, distributors and customers.
Still, innovative digital solutions can bring disruption and new challenges, and require adjustment and development in regulation and supervision. Given the high number of initiatives being deployed and the speed of developments, monitoring their impact on the market is key for EIOPA and national supervisors.
To better understand the dynamics, opportunities and risks associated with digitalisation in the European insurance sector, EIOPA launched a market-wide monitoring survey in 2023.
This report presents the results of this market monitoring exercise together with insights from a Eurobarometer survey on customers' attitudes to digitalisation.
Key findings:
The findings of the report will support EIOPA in evaluating the risks and benefits of digitalisation for the market and customers, assessing and designing regulatory measures, improving supervisory convergence and oversight, and ensuring that stakeholders can reap the benefits of digitalisation while protecting customers and safeguarding financial stability.