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.
Keywords: Europe, EU, Insurance, Big Data, Fintech, Thematic Review, EIOPA
Previous ArticleFDIC Proposes to Renew Three Approved Information Collections
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
ECB published eleventh issue of the Macroprudential Bulletin, which provides insight into the ongoing work of ECB in the field of macro-prudential policy.
HM Treasury issued a call for evidence seeking views to reform the prudential regulatory regime—also known as Solvency II—of the insurance sector in UK.
ESRB responded to the EC consultation on review of Solvency II regime.
HM Treasury launched a consultation on Phase II of the Future Regulatory Framework Review, with the comment period ending on January 19, 2021.
EC adopted the work program for 2021.