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