EIOPA looks to unlock the power of data

Posted on December 2, 2023 by Editor

In a recent keynote speech at the European Insurance and Occupational Pensions Authority (EIOPA) Conference the organisation’s Chairperson Petra Hielkema highlighted the role of data in steering the future of supervision. The speech emphasised the need for collaborative efforts, innovative approaches, and access to data to harness its potential.

EIOPA’s existing initiatives leveraging data, such as its catastrophe dashboard and investigations into insurance demand-side issues, have shown the essential role of innovation in data collection and management as a supervisory solution.

Hielkema stressed the importance of sharing data between European Supervisory Authorities, presenting an opportunity to unlock existing data. The importance of augmenting existing practices with AI was also highlighted.

Addressing challenges posed by climate change and natural catastrophes, EIOPA advocates for collecting loss and exposure data while advocating for open access to this valuable information.

Despite the complexities, Hielkema emphasised the need for governments to take bold steps in collecting and combining relevant data. She urged collective bravery in navigating challenges, emphasising that informed decision-making requires comprehensive data presented through innovative tools. Hear hear! We agree!

Read Hielkema’s speech in full here.

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