COVID-19 has accelerated the need for a single European digital market for all types of businesses, and the European Union’s digital finance strategy presents an opportunity to develop robust digital infrastructures that enable business continuity and improve access to Insurance protection. As part of the European cycle “In Conversation Series”, Aon organized a digital meeting with leaders from the public and private sectors, in order to discuss the role of InsurTech and digital finance in a complex environment like the current one. The direction of European policy, the challenges and future benefits, as well as the fundamental role of the insurance sector, were the main themes of an event in which Spain was the host country of its legislative activity on the digital transition of systems. financial
The event included an introduction by Carlos San Basilio, Secretary General of the Treasury and International Finance, presented by Eduardo Dávila, CEO of Aon Iberia and Middle East, who underlined the important role that digitization will play in resuming l economy facing the impact by the coronavirus, noting that the role of the European Commission, in terms of promoting digitization, is both on the investment side and on the regulatory side. He said that in Spain, work has started on two specific regulations: Digital Operational Resilience (DORA) on Cyber Risk and Crypto Asset Markets (MiCA), which deals with rules on cryptocurrencies. He also referred to the law recently approved by the Spanish Parliament to encourage the digital transformation of the financial system through the establishment of a regulatory sandbox.
Elena González-Blanco, Managing Director of CoverWallet Europe, moderated the round tables attended by Diego Rubio, Director of the National Office for Foresight and Strategy of the Presidency of the Government; Vicente Cancio, CEO of the Zurich Spain Group; Joaquín de Valenzuela, SVP & Global Infinity Business Line Director at Temenos and former Sales; Marguerite Soeteman-Reijnen, Chairman of the Board of Directors of Aon Holdings, and Dr Trevor Maynard, Head of Innovation at Lloyd’s Lab.
All panelists agreed that Covid-19 shocked the financial services industry and accelerated the digitization process, causing a change in consumer and customer behavior, with more digital interactions, as well as the emergence of a new culture and a new organizational model that places the customer at the center and in which FinTech and InsurTech have a lot to contribute. They also agreed on the need for Europe to have a strong strategy in this regard, establishing a regulatory framework and an appropriate investment policy allowing the development of digitization processes across the EU.
They also agreed on the fundamental role that digitization plays in the current environment and in the revival and survival of businesses, in particular SMEs, which are facing greater difficulties and scarce resources. In this environment, especially within the insurance market, they have demonstrated the power of data because it is crucial to detect trends, estimate frequencies and estimate the severity of claims.
Access here the full summary of the main interventions and conclusions.