Friday, 26 May 2023 03:38

Insurance must continue to learn and focus on Artificial Intelligence

Written by Evelyn Alas

Insurance is embarking on numerous risks, but if there is one thing that comes naturally to the insurance industry, it is to align with them and turn them into an opportunity. With this vision, Petra Hielkema, president of EIOPA, has unpacked a series of challenges facing the European insurance sector for the coming years with digitalization at the forefront.

For the directive, the main challenge brought by the technological revolution is the form and understanding of regulation since, as she explained, it is a parcel that Insurance is unfamiliar with. "Until now the legislation that had an impact on our market, we knew, now the regulations in relation to digitalization come from different general commissions. This does not have to be a problem, but we have to learn about it as the dependencies and requirements are expanded", she said.

For Petra Hielkema we have to look at the opportunities that digitalization brings and assess where we should enhance efforts. "We have always done artificial intelligence, but we didn't know them. Data is in our DNA", she remarked. "I think we should focus on getting the most out of AI", she added.

AI, more regulated and harmonized

She revealed that AI is going to be more regulated and that there will be a tendency to "harmonize standards". For this reason, he pointed out that the organization will soon be launching a report in which the keys to these aspects will be given.

She also referred to other technologies such as Blockchain, "with little use right now in Europe, without a doubt, it has more strength in the USA". On data analytics and open insurance, he added: "Right now it's going at two speeds in Europe. The commission is going to launch a proposal, but I think we need to be more use-case based. We need a concrete use case to see what they do and see what we can regulate about it", she said.


Translated by: A.M