EIOPA launches new survey to map financial innovation in insurance

The European Insurance and Occupational Pensions Authority (EIOPA) is launching a new Digitalisation Market Monitoring Survey to monitor the digital transformation strategies of European insurers and understand how they use or plan to use innovative business models and technologies. The survey will gather information on the use of financial innovation in the European insurance sector, including the adoption of new business models such as digital distribution and communication channels, insurers‘ partnerships with start-ups and big techs, the deployment of new technologies such as blockchain and artificial intelligence, and the governance measures that insurers are adopting around them. EIOPA will use the findings to strengthen its supervisory approach, identify potential regulatory obstacles, and ensure that European consumers remain well-protected as insurers embrace increasingly more digital solutions and products.