Regulating insurtech in the European Union

Pierpaolo Marano () and Michele Siri ()
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Pierpaolo Marano: Università Cattolica - Latvijas Universitate - University of Malta
Michele Siri: Università di Genova

Journal of Financial Transformation, 2021, vol. 54, 166-177

Abstract: The European Union (E.U.) is one of the world's leading financial and insurance markets. As a result, fintech and insurtech have also developed in the E.U. The European Commission has taken numerous steps to fully comprehend and evaluate the challenges of applying new technologies to the financial services sector. This study provides an overview of the E.U. approach to insurtech from a regulatory point of view. Thus, risk governance within the E.U. Solvency II regime, including the role of the actuarial and risk management functions when dealing with this risk, will be illustrated. In addition, this analysis outlines the need for fair treatment of clients, as protecting policyholders is the main objective of E.U. regulations and supervision in insurance.

Keywords: Insurtech; Insurance regulation; European Union; digital transformation (search for similar items in EconPapers)
JEL-codes: K23 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1679

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