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Response to fintech consultation: New technology, but same rules must apply

Insurance Europe today responded to the European Commission’s consultation on “Fintech: a more competitive and innovative European financial sector”.

In its response, Insurance Europe said that the Commission must ensure that regulation is future proof and supportive of innovation that benefits consumers.

Technological developments, such as automated advice, big data analytics and blockchain, have the potential to offer consumer benefits.

For example, automated advice can potentially provide consumers with more affordable and tailored information about their insurance products. Therefore, care should be taken not to impede growth or stifle the use of these kinds of innovative technologies through regulation that is obstructive or that quickly becomes out-of-date.

Insurance Europe stressed that regulation must be technology neutral and activity-based to ensure that consumers are effectively and equally protected regardless of the service provider.

Insurance Europe also welcomed the fact that the Commission is seeking views on how best to support digital innovation and seems ready to address unjustified obstacles to it.

Given the speed of digital innovation currently taking place, Insurance Europe also highlighted the importance of cybersecurity, and called attention to the need for businesses to implement the right cybersecurity measures.

Published 15 June 2017
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