Digitalisation increasingly shapes European living and the EU is already well advanced in developing a series of policy measures and laws to address the challenge of digitalising Europe’s economy.

This process impacts the insurance sector, particularly within the digital finance arena but also with other dossiers such as data access and automated mobility. The EU Data Strategy and Digital Finance Strategy are of particular importance for mutual and cooperative insurers. The former seeking to constructively manage and use data for people with safeguards; the latter seeking to support the digital transformation of finance while regulating risks. Overall, the EU seeks to remove any fragmentation within the market for digital financial services and promote a regulated, supervised and data-driven financial sector.

Digitalisation provides increasing opportunities for mutual/cooperative insurers to connect more effectively with their stakeholders, and to better understand and control risk. Having access to data generated by consumers supports the process of creating and delivering better, more innovative, competitive insurance products and services for their policyholders.

AMICE seeks to ensure that the EU regulatory environment supports the prospects for delivering customer value and protection, and that potential new actors within the insurance market respect the same rules as more traditional regulated entities.

AMICE’s policy activities around digitalisation are broad in nature, reflecting the scope of this area. Aspects considered by AMICE include data strategy, digital finance, artificial intelligence (AI), Big Data, outsourcing to cloud service providers, digital operational resilience, cyber risks, open finance and InsureTech/Fintech.

Position Papers