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.
The insurance industry also supports the overall approach set out by the Commission in its Data Strategy, which recognises that sector-specific legislation on data sharing should only be introduced where market failure shave been identified. The upcoming Data Act should therefore strengthen the framework conditions for data collaboration and partnerships.
It will also be important to establish a framework on how to exchange data between companies from a technical view point, to ensure an appropriate anonymisation of data to protect privacy. This would help to further encourage research and development, as well as the creation of anonymised data sources.
Source: Insurance Europe