- Fitch updates Global Reinsurance 2018 Outlook to incorporate recent significant catastrophe losses
- AIR Worldwide releases “2017 Global Modeled Catastrophe Losses” report
- Standard & Poor's looks at main concerns for European insurers
- Swiss Re new sigma report says many life insurers are focused on enhancing the value of existing business
- EIOPA publishes an Opinion on monetary incentives and remuneration between providers of asset management services and insurers
- Equifax Touchstone reports total UK sales of protection products increased by 1.4% in Q3 2017 to £149.1m-a new five year high
- Allianz now a telematics service provider for Marmalade young driver offering expired
- Clyde & Co launches in-house data analytics lab that builds on relationship with University College London(UCL) expired
- First ILSBlockchain completed expired
- Lloyd's selects REG to assist in recording data and to help reduce the administrative burden on UK coverholders expired
- NIIT announces release of version 4.0 of its exposure management tool Exact expired
- Tropics Breeze workers' comp solution new features announced expired
18th June 2017
Insurance Europe warns EC not to impede FinTech developments
Insurance Europe has responded to the European Commission’s consultation on “FinTech: a more competitive and innovative European financial sector”. In its response, Insurance Europe said that the Commission must ensure that regulation is future proof and supportive of innovation that benefits consumers.
Technological developments, such as automated advice, big data analytics and blockchain, have the potential to offer consumer benefits. For example, automated advice can potentially provide consumers with more affordable and tailored information about their insurance products. Therefore, care should be taken not to impede growth or stifle the use of these kinds of innovative technologies through regulation that is obstructive or that quickly becomes out-of-date.
Insurance Europe stressed that regulation must be technology neutral and activity-based to ensure that consumers are effectively and equally protected regardless of the service provider.
Insurance Europe also welcomed the fact that the Commission is seeking views on how best to support digital innovation and seems ready to address unjustified obstacles to it.
Given the speed of digital innovation currently taking place, Insurance Europe also highlighted the importance of cyber security, and called attention to the need for businesses to implement the right cyber security measures.
Insurance Europe Trends(95 articles)