EIOPA unveils its digital strategy for the next three years

EIOPA has unveiled its digital strategy for the next three years, which is a part of its 2023-2026 overarching strategy (eventid=23305). This digital strategy outlines the organization’s approach to digital transformation in the insurance and pensions sectors, NCAs, and EIOPA itself.
EIOPA aims to promote consumer protection and financial stability by ensuring that innovation is aligned with the best interests of consumers, taking into account digital ethics and financial inclusion. In addition, EIOPA aims to strengthen the sustainability and resilience of insurance market players‘ business models. Through the use of technological innovation, EIOPA is improving its supervisory capabilities and those of the NCAs.
Furthermore, EIOPA identifies two core principles for its digital strategy: “technologically neutral, and people first“ and “flexible, yet firmly rooted.“ These principles guide its approach to digitalization by putting consumers at the forefront and remaining adaptable while rooted in its mission. It recognizes that digital transformation is changing the way insurance and pension products are developed, underwritten, and consumed, and it aims to support these changes by monitoring developments, facilitating and promoting innovation, contributing to digitalization, and implementing its digital transformation.
The strategy emphasizes the importance of balancing different perspectives to ensure a healthy insurance market and addresses key trends in the insurance and pensions market, such as new IT capabilities, data analytics, and the emergence of new business models.
EIOPA’s strategy also highlights the need for insurance companies to update their risk management frameworks, improve IT infrastructure and resilience, and integrate old and new teams to keep up with digital transformations in the industry. Additionally, it emphasizes the importance of enhancing supervisory capabilities to effectively regulate and oversee the digitalization of the insurance and pensions sectors.