increasing use of digitalisation in insurance...increasing use of digitalisation in insurance...
TRANSCRIPT
Increasing use of digitalisation in insurance
William Vidonja, Head of Conduct of Business
Insurance in the digital world Conference
The International Insurance Forum, 14 November 2017
Digital developments
2
Comparison websites
Automatedadvice
Artificialintelligence
Aggregators
AppsBlockchain(DLT)
Robots RegTechs
Internet of Things (IoT)
TelematicsSocial media
Big data
InsurTechs P2PCloudcomputing
Cyber riskand security
3
1. Make rules fit for digitalisation
1) Future-proof, tech-neutral and digital-friendly
2) Review the existing framework, rather than new rules
IDD PRIIPs chapter
IDD Standard
E-commerce directive (17)
Distance marketing directive (29)
Solvency II directive (39)
PRIIPs regulation (27)
General data protection regulation (13)
EU pre-contractual informationsincluding duplications (on-line sale)
Consumer’s purchase of an insurance-based
investment product (IBIP)
Total: 161
Paper as default option
Fit for digital?
Further disclosures on top of KID: SII, IDD, GDPR…
Key Information Document (KID):digital-friendly?
Consumer’s purchase of an insurance-based
investment product (IBIP)
Layered approach
Fit for paper and digital
Our proposed digital-friendlyInsurance Product Information Document (IPID)
Consumer’s purchase of a non-life insurance product
Use friendly Icons and Q&A format
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1. Make rules fit for digitalisation
1) Future-proof, tech-neutral and digital-friendly
2) Review the existing framework, rather than new rules
Avoid overload and duplication
Remove paper-based requirements
Make use of digital tools advantages
Live testing
2. Support digital innovation
1) Advice, coaching, regulatory sandboxes, etc.
2) Available to all market players
3. A more consistent approach (1)
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1) Exchange information and experience
2) Assess impact on players, competition and consumers
3) Clarify responsibilities, and coordinate with non-insurance authorities (data protection authorities)
4. Secure consumer trust
1) Guaranteed level of consumer protection
2) Activity-based supervision and regulation
2) Effective supervisory monitoring
1) Make rules fit for digitalisation
2) Support digital innovation
3) Ensure a more consistent approach
4) Secure consumer trust
Digitalisation: the way forward?