The European Insurance and Occupational Pensions Authority (EIOPA) has published its three-year digital strategy, which aims to further define its approach to digitisation as outlined in its overall 2023-2026 strategy.

Its digital strategy seeks to provide and integrate EIOPA’s view and mission on how to support the digital transformation of the insurance and pensions sectors, national competent authorities (NCA), and the authority itself.

Under its objective of promoting consumer protection and financial stability, EIOPA highlighted three key long-term priorities.

It will aim to ensure that innovation is aligned with the best interest of consumers, while taking into account financial inclusion and digital ethics.

EIOPA will also prioritise strengthening business model sustainability and resilience of all insurance market players.

The authority’s third key long-term priority is to enhance the supervisory capabilities of EIOPA and NCAs by maintaining the standard of efficient prudential and conduct supervision, as well as responding to and using technological innovation.

EIOPA stated that, in implementing its digital strategy, it will consider the best interests of consumers first, while adopting a ‘technology neutral’ approach.

It will also aim to be flexible and keep pace with innovation, without compromising on its mission.

The authority’s role will range from monitoring developments, facilitating and promoting innovation, contributing to digitalisation of NCAs and implementing its own digital transformation.

“A digital wave is transforming the world as we know it at an unprecedented speed,” EIOPA stated.

“Innovative technologies are changing business operations, how people and organisations connect as well as how they exchange and share an increasing amount of information.

“The rapid technological developments are also changing the way insurance and pension products are developed, underwriting is done, and how consumers shop.

“Given these continuous developments and adapting regulatory environment, EIOPA considers it important to have an overarching strategy to guide its priorities, principles, envisaged role, and the ensuing focus areas over the next three years.”

Share Story: