Opportunities and obstacles for digitalisation in European regulation

Transcription

1 Opportunities and obstacles for digitalisation in European regulation Dieter Pscheidl Head of European Affairs Vienna Insurance Group AG International Insurance Forum 2017 Insurance in the DIGITAL World Vienna, 14 November 2017

2 VIG = market experience from 14 EU Member States Different levels of customer demand for digitalisation 2

3 Agenda Opportunities Obstacles

4 Presenting the benefits of our products Based on EU templates online aggregators can compare product features KID IPID Commission Delegated Regulation (EU) 2017/653 supplementing Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents Commission Implementing Regulation (EU) 2017/1469 laying down a standardised presentation format for the insurance product information document 4

5 Guiding our distributors through formalities EU standard processes for all distributors Sales process for IBIPs preparation target market introduction conversation signature aftersale disclosures customer demands and needs test product suitability or appropriateness test record including documents periodic reports on the service Directive (EU) 2016/97 on insurance distribution, Art 20 and 30 5

6 Assessing the demands and needs of our customers Legally non-formalised conversation with the customer may be supported by digital tools housing sports travel work pension mobility Directive (EU) 2016/97 on insurance distribution, Art 20 6

7 Onboarding new customers through data portability A new right of policyholders will allow the direct transmission of personal data from one data controller to another Concluding an insurance contract and providing personal data Concluding a new insurance contract with consent insurer A Transmitting generic data upon request by the policyholder excl. derived data e.g. risk profiles or loss ratios Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), Art 20 Guidelines on the right to data portability WP 242 rev.01 7

8 Improving risk-based pricing A new right for data controllers for automated profiling can support segmentation and underwriting Residence Family status Employment status Financial status Leisure activities etc. Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), Art 22 Guidelines on profiling by Art 29 WP (tbd) 8

9 Agenda Opportunities Obstacles

10 Communicating electronically with our customers Paperless interaction remains subject to restrictive conditions Directive 2002/65/EC concerning the distance marketing of consumer financial services, Art 5 and 6 Directive (EU) 2016/97 on insurance distribution, Art 23 Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), Art 14 10

11 Improving access for new customers Portable, standardised risk information could provide for more convenience? Motor claims history statement (tbd) QR Code on the vehicle registration certificate contains data on the vehicle, the vehicle owner and a link to the bonus/malus data base Directive 2009/103/EC relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability, Art 16 Directive 1999/37/EC on the registration documents for vehicles, Annex I 11

12 Improving the underwriting of cyber risks EU template for personal data breach notifications could structure the authorities data base, making it a valuable source for underwriting Data protection authority s data base Insurance company covering cyber risks Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), Art 33 Guidelines on personal data breach notifications by Art 29 WP (tbd) 12

13 Rewarding the driving behaviour of our customers Technical standard options for access to in-vehicle data like mileage, speeding, time, geolocation, claims etc. A B C Plug-in device ( Dongle ) or Smartphone External data server platform ( Cloud ) B2B marketplace Built-in, open telematics Platform (OTP) Customer 13

14 Empowering customers to choose Equal access for all economic operators instead of data monopoly for car manufacturers Market situation = contractual agreement Target situation = legal provision insurers insurers Customer Car manufacturer Customer other economic operators Car manufacturer Car manufacturers decide upon vehicle data No direct access to customers Charge for access to data Negotiating monopoly for car manufacturers Higher negotiating power of other economic operators Customers decide upon their vehicle data Direct access to data for all insurers free of charge 14

15 Q & A Dieter Pscheidl Head of European Affairs Vienna Insurance Group AG dieter.pscheidl@vig.com Direct line: VIG Reproduction in whole or in part of the content of this presentation are made with the consent of the VIG and must be clearly attributed to the VIG. Check against delivery.