EIOPA Launches EU-Wide Thematic Review on Big Data in Insurance Sector
EIOPA launched EU-wide thematic review on Big Data as a follow-up to the March 2018 cross-sectorial review of ESAs on the use of Big Data. The thematic review is intended to gather empirical evidence on the use of Big Data by insurance undertakings and intermediaries, along the whole insurance value chain. As part of the thematic review, EIOPA issued questionnaires to national competent authorities, consumer associations, and a representative sample of insurance undertakings.
The review will analyze the potential benefits and risks arising from Big Data both for the industry and for consumers. It will assess new business models and data quality issues as well as impact on financial inclusion and the fair treatment of consumers through consumer profiling techniques and more granular risk assessments. The thematic review will be conducted in close cooperation with the national competent authorities and will aim to cover at least 60% of the motor and health insurance markets in each member state. The quantitative and qualitative input will be collected from the insurance industry, consumer associations, and national competent authorities. EIOPA will collect the data in July and August this year and plans to publish the key findings in the first quarter of 2019.
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Keywords: Europe, EU, Insurance, Big Data, Fintech, Thematic Review, EIOPA
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