EIOPA launches expert group on data use in insurance
The European Insurance and Occupational Pensions Authority (EIOPA) has officially launched its Consultative Expert Group on Data Use in Insurance, following a call for candidates in December last year. The group, made up of experts from across the insurance industry, academia, and consumer organisations, will advise EIOPA on the challenges and opportunities of increasing data use in the sector.
The group will focus on balancing the benefits of better risk assessment and pricing with the risks of excessive personalisation, which could undermine the core principle of risk pooling—a fundamental mechanism that ensures insurance remains accessible and beneficial for society as a whole. Imagine a world where insurance is personal and precise —great if you’re an active non-smoker with a flawless driving record, but not so great if you enjoy the occasional pastry and drive a 10-year-old car. Without risk pooling, insurance starts looking a lot like a luxury product. The group will explore how digitalisation can strengthen the system while maintaining balance between risk-based pricing and social protection.
EIOPA’s move highlights the ongoing debate on how digitalisation is reshaping insurance, from AI-driven pricing models to new approaches to risk management. The expert group’s findings will feed into EIOPA’s future policy work on data sharing and regulation, shaping how the industry navigates these complex issues.
For more details, read EIOPA’s announcement.
