Increasing use of digitalisation in insurance
William Vidonja, Head of Conduct of Business
Insurance in the digital world Conference
The International Insurance Forum, 14 November 2017
Digital developments
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Comparison websites
Automatedadvice
Artificialintelligence
Aggregators
AppsBlockchain(DLT)
Robots RegTechs
Internet of Things (IoT)
TelematicsSocial media
Big data
InsurTechs P2PCloudcomputing
Cyber riskand security
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1. Make rules fit for digitalisation
1) Future-proof, tech-neutral and digital-friendly
2) Review the existing framework, rather than new rules
IDD PRIIPs chapter
IDD Standard
E-commerce directive (17)
Distance marketing directive (29)
Solvency II directive (39)
PRIIPs regulation (27)
General data protection regulation (13)
EU pre-contractual informationsincluding duplications (on-line sale)
Consumer’s purchase of an insurance-based
investment product (IBIP)
Total: 161
Paper as default option
Fit for digital?
Further disclosures on top of KID: SII, IDD, GDPR…
Key Information Document (KID):digital-friendly?
Consumer’s purchase of an insurance-based
investment product (IBIP)
Layered approach
Fit for paper and digital
Our proposed digital-friendlyInsurance Product Information Document (IPID)
Consumer’s purchase of a non-life insurance product
Use friendly Icons and Q&A format
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1. Make rules fit for digitalisation
1) Future-proof, tech-neutral and digital-friendly
2) Review the existing framework, rather than new rules
Avoid overload and duplication
Remove paper-based requirements
Make use of digital tools advantages
Live testing
2. Support digital innovation
1) Advice, coaching, regulatory sandboxes, etc.
2) Available to all market players
3. A more consistent approach (1)
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1) Exchange information and experience
2) Assess impact on players, competition and consumers
3) Clarify responsibilities, and coordinate with non-insurance authorities (data protection authorities)
3. A more consistent approach (2)
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NON-INSURER
REGULATEDINSURER
ALTERNATIVEINNOVATIVEAPROACHES
4. Secure consumer trust
1) Guaranteed level of consumer protection
2) Activity-based supervision and regulation
2) Effective supervisory monitoring
1) Make rules fit for digitalisation
2) Support digital innovation
3) Ensure a more consistent approach
4) Secure consumer trust
Digitalisation: the way forward?
For more information
www insuranceeurope eu
