European Union : Joint public hearing on artificial intelligence and financial services

Data processing has historically been at the very core of the insurance business, which is rooted strongly in data-led statistical analysis. Mathematical models to process data have always been used to inform underwriting decisions, price policies, settle claims and prevent fraud. There has been a pursuit of more granular datasets and predictive models, such that the relevance of Big Data Analytics for the sector is no surprise. Additionally, the Covid-19 pandemic seems to have accelerated the adoption of artificial intelligence, including throughout the insurance value-chain. In 2019, EIOPA launched a thematic review on the use of Big Data Analytics specifically by insurance undertakings or intermediaries.