Today, the European Insurance and Occupational Pensions Authority (EIOPA) issued a call for candidates to join a Consultative Expert Group on data use in insurance.
Data is more and more easily accessible, and how it is used to get insights has become more sophisticated. This can bring opportunities: insurers can assess risks and calculate prices in a more precise manner, increasing insurance coverage and financial inclusion. At the same time, it also brings challenges. Increased personalisation of risk assessments can undermine the pooling of risks, the principle of mutualisation. This pooling of risks is a critical way in which the insurance sector is able to deepen the resilience of both individuals and society. Insurance can thereby provide a foundation and stability for the economy more broadly.
The complexities related to the use of data and its potential deep societal impact, coupled with the specificities of the insurance sector, call for the creation of a multidisciplinary Consultative Expert Group on data use in insurance.
The Consultative Expert Group will examine the implications of increasing data use in insurance, exploring how to safeguard the role of insurance in managing risks to individuals, society, and the economy through mutualisation, how more and better data can support this, and how to address potential risks of unfair treatment and exclusion.
The work of the group will be used to guide EIOPA’s work and support broader market reflection and discussion.
The members of the Consultative Expert Group are expected to be highly knowledgeable professionals with extensive practical experience in one or more of the following areas:
- financial services and digitalisation,
- insurance economics,
- risk modelling,
- data science and computer science,
- consumer protection,
- insurance regulation and legal standards, for instance related to data and personalisation in financial services,
- customer needs,
- financial exclusion and inclusion in the financial sector.
Potential candidates will come from different backgrounds, such as the insurance industry, academia, consumer associations or other relevant stakeholders’ organisations. The group will mostly meet virtually.
The deadline for application is 31 January 2025.