EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance
EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance. 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 on the use of big data analytics tools such as artificial intelligence and machine learning. EIOPA published the list of members of the Consultative Expert Group. The group will meet for the first time on October 08, 2019.
EIOPA established the Consultative Expert Group as a follow-up to its recent thematic review on the use of big data analytics in motor and health insurance. The thematic review, which was published in May 2019, concluded that there are many opportunities arising from big data analytics and digitalization more broadly, but some risks 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 while taking into account ethical considerations. Though the principles 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.
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Keywords: Europe, EU, Insurance, Big Data, Fintech, Insurtech, Artificial Intelligence, Machine Learning, Digital Ethics, Governance, EIOPA
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