EIOPA has launched a survey on the use of InsurTech solutions to enable its InsurTech Taskforce (ITF) to identify and report on best practices regarding the supervision of InsurTech products and providers, and to identify possible regulatory barriers to financial innovation.

In particular, the survey focusses on potential gaps and issues in the existing regulatory framework, peer-to-peer insurance, licensing requirements, legal barriers to InsurTech, and ways in which regulators can facilitate the development of InsurTech products. We consider below four legal and regulatory challenges that all new InsurTech products face.

In launching the survey, EIOPA stated that InsurTech solutions could result in the creation of innovative business models, applications, processes or products that have a material effect on the supply of insurance products and services, but emphasised that consumer protection and the financial stability of the market are key priorities. EIOPA hopes that its ITF will enable it to take a balanced approach to InsurTech which allows it to achieve these priorities, while at the same time enabling the potential benefits of InsurTech for consumers and the insurance industry to be realised.

The survey closes on 12 August 2018, and can be found here.