Seven posi­ti­ons on the Fin­Tech action plan of the EU

The German Insurance Association welcomes the European Commission’s FinTech action plan: Digitalisation is a central concern of the German insurance industry. Many insurance companies are currently modernising their IT infrastructures, moving to cloud solutions or investing in new technologies such as artificial intelligence or blockchain in order to provide enhanced products and services to their customers.

As noted in the FinTech action plan, a balanced approach must be taken, which ensures high consumer protection standards and financial stability while at the same time fostering innovation. For the insurance industry, the following seven points are key in achieving this balance:

  • Foster the consistent application of the proportionality principle
  • Strive for a level playing field, for example “same activities, same risks, same rules”
  • Ensure that current and future legislation is technology-neutral
  • Support innovation through the removal of regulatory barriers
  • Promote market-driven solutions such as certifications for cloud providers
  • Encourage more coordination between authorities, for example in the area of cybersecurity
  • Build a framework for non-discriminatory access to data from cars and machines

The detailed positions of the German insurance industry on the fintech action plan of the EU can be read in a position paper that is available for download here.

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