Eiopa Insurance Value Chain
Increasingly fragmented or non-integrated value chain in the insurance sector and more recently have been taking forward preliminary work regarding the leveraging of digital platforms6 in insurance 3 Following the implementation of the PSD2 it is estimated that there are about 250 licensed TPPs and about 300 bank s. National competent authorities NCAs from the European Economic Area and from two con-sumers associations.
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The overview propagated in figure 1 depicts the existing value chain in a highly simplified manner.
Eiopa insurance value chain. 6102020 Today the European Insurance and Occupational Pension Authority EIOPA launched a public consultation on a Discussion paper on reinsurance value chain and new business models arising from digitalisation. Or value chain analysis are two alternative perspectives though some aspects of these are already included in the framework. The deadline for submission of.
Insurance Value Chain Figure 2 below highlights the uses of BDA across all aspects of the value chain. EIOPA issues Discussion Paper on ReInsurance Value Chain and New Business Models arising from Digitalisation for public consultation Insurance undertakings and intermediaries are developing new business models and products and services offerings often through outsourcing and co-operation with third parties such as Big. IIF Response to EIOPA Paper on Insurance Value Chain September 03 2020 On August 24 2020 the IIF responded to the recent EIOPA Discussion Paper on the Insurance Value Chain and New Insurance Business Models Arising from Digitalization.
6102020 The goal of the public consultation is to get a better picture on possible fragmentation of the European Unions insurance value chain and supervisory challenges related to that in order to plan for next steps. 10 Jun 2020 Today the European Insurance and Occupational Pension Authority EIOPA launched a public consultation on a Discussion paper on reinsurance value chain and new business models arising from digitalisation. EIOPA is aiming to get a better picture on possible fragmentation of the EU insurance value chain and supervisory challenges related to that.
Dition EIOPA has collected input from its Members and Observers ie. However it would be beneficiary if EIOPA could sketch within a single overview the future value chain value network on the basis of all its research and the input from the NCAs. Most participants focus their BDA efforts on one specific function and very few use.
A holistic approach incorporating different methodolo-gies and perspectives is ultimately more likely to be ro-. EIOPA consults on reinsurance value chain and new business models arising from digitalisation NEWS DATE. EIOPA to review fundamental basis of supervision of insurance value chain Europe 15062020 The European and Occupational Pension Authority EIOPA has launched a public consultation on the reinsurance value chain and new business models.
The product design and development phase is directly affected by the greater availability of customer data enabling the development of more personalised products and services adapted to the needs and demands of consumers. The evolution of the split shown in figure 2 over the next 3 years is expected to remain fairly constant according to EIOPAs findings. EIOPA is concerned that this could mean a fragmentation of the insurance value chain including a potential for reduced regulatory and supervisory grip on the relevant activities.
Insurance Europe shares EIOPAs view that the European insurance market is witnessing a digital transformation that has the potential to substantially impact all parts of the insurance value chain. Insurance value chain in motor and health insurance. The real-life value chain is already quite more complex.
However new forms of collaboration and outsourcing involving partners from outside the insurance regulatory perimeter are only one. 6102020 EIOPA discussion paper on insurance value chain and new business models arising from digitalisation by Practical Law Financial Services EIOPA has published a discussion paper on the reinsurance value chain and new business models arising from. EIOPA published a discussion paper on the insurance and reinsurance value chain and new business models arising from digitalization.
6112020 Information Technology Insurance Vendor Management The European Insurance and Occupational Pensions Authority EIOPA announced on 10 June 2020 that it had launched a public consultation on its Discussion Paper on reinsurance Value Chain and New Business Models Arising from Digitalisation the Discussion Paper. The thematic review has revealed a strong trend towards increasingly data-driven business models throughout the. The insurance value chain to a great extent as a result of the digitalisation of data and processes.
All of these perspectives can be comple-mentary and valuable in identifying risks and their drivers. EIOPA is aiming to get a better picture on possible fragmentation of the EU insurance value chain and supervisory challenges related to that. Technology continues to evolve bringing new opportunities social change and new expectations for consumers.
It welcomes views by 7 September on the possible fragmentation risks.
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