A common EU data strategy would provide a significant opportunity for the EU to adopt a future-proof, innovation-friendly framework that supports data-driven business and enables the digital transformation of society, while ensuring appropriate protection for consumers.
For insurers, a greater availability of data could lead to improved risk monitoring and assessment, better customer experience and increased fraud detection. The more data that is available for the common good, the better the digital solutions and analytical models will be. As such, the data strategy should focus on strengthening the framework conditions for data collaboration and data partnerships.
At the same time, individuals should be able to allow access to their personal data to a much higher extent than is possible today. It will be important to establish a framework on how to exchange data between companies, and how to give customers the possibility to export their data, ensuring appropriate anonymisation of data to protect privacy. This would help to encourage research and development, as well as the creation of anonymised data sources.