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Supporting innovation in insurance in a digital age

Insurance Europe has today published an insight briefing on the need for policymakers to support innovation in fintech and insurtech, while also guaranteeing consumers the same protection when using services offered through new technologies by new market entrants, as they have with similar offerings by traditional insurers.

The briefing says that regulators and supervisors must find the right balance between safeguarding high standards in consumer protection and fair competition on the one hand, and removing regulatory obstacles and actively encouraging innovation on the other.

For example, the briefing calls for EU rules to be technologically neutral and future-proof to encourage digital innovation and allow consumers to benefit from the opportunities digitalisation can offer. It also calls on regulators and supervisors to take initiatives to support innovation and to make them equally available to new market entrants and established insurers.
 

Published 6 February 2017
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