Rapid technological developments are changing the way insurance and pension products are developed and the way consumers shop. These developments bring benefits to businesses and consumers, but can carry certain risks.
This fast-changing landscape brings opportunities and challenges to supervisors. EIOPA keeps pace with different aspects of innovation to make sure that the regulatory and supervisory frameworks account for both the opportunities and risks that innovation brings.
EIOPA proactively assesses these changes so that it and its members are ready to address impacts for insurance and pensions sectors.
Digital Strategy
In October 2023, EIOPA published its Digital Strategy, which provides and integrates its view on how to support the digitalisation of the insurance and pensions sectors, of national competent authorities (NCAs) and of EIOPA itself.
EIOPA is putting the best interest of consumers first and adopts a technology neutral approach, while remaining flexible to be able to keep pace with innovation.
In its strategy, EIOPA has identified three key long-term priorities, which will guide its work to ensure consumer protection an financial stability.
Core principles
- Technological neutral and people first
EIOPA will remain technologically neutral with no bias towards innovation or traditional approaches nor among different technologies.
- Flexible, yet firmly rooted
Successfully guiding the digital transformation of the insurance sector requires EIOPA to adopt a flexible approach towards innovation while remaining firmly rooted on its mission.
Key priorities
Ensuring innovation is aligned with the best interests of consumersby taking into account digital ethics and financial inclusion
Strengthening business model sustainability and resiliencefor all insurance market players
Enhancing the supervisory capabilitiesby maintaining the standard of efficient prudential and conduct supervision as well as responding to and using technological innovation
