As a follow-up of its recent thematic review on the use of Big Data Analytics (BDA) in motor and health insurance, EIOPA established a Consultative Expert Group to assist the Authority in the development of digital responsibility principles in insurance.
The thematic review concluded that there are many opportunities arising from BDA and digitalisation more broadly, but also some risks that need to be further addressed. For this reason, the digital responsibility principles will address the use of new business models, technologies and data sources in insurance from the perspective of fairness and taking into account ethical considerations.
While they are expected to cover different areas of the insurance value chain, specific focus will be given to pricing and underwriting, given their specific importance in the insurance sector.
The Consultative Expert Group may also act as a sounding board for EIOPA in other related policy initiatives in the area of InsurTech, for instance by supporting EIOPA in promoting a sound governance framework around the use of BDA tools such as Artificial Intelligence and Machine Learning.
EIOPA's call for expression of interest of July 2019 resulted in an extraordinary group of high-level experts with a diverse set of experiences and expertise.
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