EIOPA establishes Consultative Expert Group on Digital Ethics in Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) established a Consultative Expert Group on Digital Ethics in Insurance. Piotr Czublun, a senior partner in CZUBLUN TRĘBICKI Law Office, was invited to participate in the Group’s work as the only representative from Poland.
As a follow-up of its recent thematic review on the use of Big Data Analytics (BDA) in motor and health insurance, EIOPA established a Consultative Expert Group to assist the Authority in the development of digital responsibility principles in insurance.
The thematic review concluded that there are many opportunities arising from BDA and digitalisation more broadly, but also some risks that need to be further addressed. For this reason, the digital responsibility principles will address the use of new business models, technologies and data sources in insurance from the perspective of fairness and taking into account ethical considerations. While they are expected to cover different areas of the insurance value chain, specific focus will be given to pricing and underwriting, given their specific importance in the insurance sector.
The Consultative Expert Group may also act as a sounding board for EIOPA in other related policy initiatives in the area of InsurTech, for instance by supporting EIOPA in promoting a sound governance framework around the use of BDA tools such as Artificial Intelligence and Machine Learning.
The group will meet for the first time on Tuesday, 8 October.