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Aims of EC common data spaces welcomed by insurers, but further clarity needed on how initiative will be put into practice

Insurance Europe has today published its response to a consultation by the European Commission on its roadmap for common data spaces.

Insurance Europe welcomed the overall objectives set out in the roadmap, namely:

  • To make more data held by the public sector available for research and innovative uses (ie for the development of new products and services).
  • To allow individuals to consent to greater access to their data for the common good.
  • To enhance overall data use in the economy by lowering transaction costs, addressing interoperability and standardisation, and facilitating voluntary data sharing.

These policy objectives, and the general idea behind common European data spaces, are positive steps, and will contribute to ensuring a future-proof, innovation-friendly framework that supports data-driven business and enables the digital transformation of society, while ensuring appropriate protection for consumers.

However, much depends on the specific mechanism or instrument that is chosen, as the nature of certain policy options is not sufficiently clear at this point: eg the creation of European coordination bodies or “structural enablers”, or a common European consent form.

For insurers, a greater availability of data could lead to improved risk monitoring and assessment, better customer experiences and increased fraud detection. The more data that is available for the common good, the better the digital solutions and analytical models will be.

Published 30 July 2020