The European Insurance and Occupational Pensions Authority (EIOPA) has published its digital transformation strategy, which aims to ensure a systematic, balanced and holistic approach to the digitisation of the European pensions market.

EIOPA stated that technological transformation was generating a “wave of change” across economic and financial sectors, which was in turn affecting consumers and businesses across the EU.

It has therefore outlined a strategy with the aim of addressing the challenges posed by the digitisation of the insurance and pensions sector and enabling stakeholders to capitalise on the opportunities presented by new technologies and business models.

Five long-term priorities that will guide its contributions on digitisation topics were identified by EIOPA.

It will collaborate with the European Commission on developing financial data spaces, including in areas of sustainable finance and pension data tracking systems.

EIOPA noted that it expected artificial intelligence to play a “pivotal role” in the digital transformation and it will seek to ensure the use of trustworthy artificial intelligence systems while ensuring financial inclusion.

Thirdly, the organisation will look to ensure a forward-looking approach to financial stability and resilience by assessing the prudential framework in view of the digital transformation, while further promoting greater supervisory convergence in the appropriate assessment of digital activities and risks.

EIOPA will also continue to support the development of the single market in times of transformation, facilitating cross-border and cross-sector cooperation, supporting the development of innovation facilitators and addressing the opportunities and challenges of fragmented value chains and the platform economy.

Finally, it will look to enhance the supervisory capabilities of EIOPA and national competent authorities so they can meet their strategic objectives effectively and efficiently.

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