Lero researcher joins European digital ethics expert group
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A Lero researcher at University of Limerick (UL) has been appointed to a new European expert group tasked with developing a set of principles of digital responsibility in the insurance sector. Lero’s Dr Martin Mullins, Head of Department of Accounting and Finance at UL’s Kemmy Business School, was selected by the European Insurance and Occupational Pensions Authority (EIOPA) to join its Consultative Expert Group on Digital Ethics.
Earlier this year EIOPA published the key findings of a review on the use of Big Data Analytics (BDA) in motor and health insurance, which revealed a strong trend towards data-driven business models across the insurance value chain. The review recognised that while there are many opportunities arising from digitalisation for the insurance industry and for consumers, there are also risks that need to be addressed.
“EIOPA is a highly-influential body within the EU ecosystem and it is an honour to be appointed to its Consultative Expert Group on Digital Ethics. Some of the risks arising from the digitsation of the insurance industry are not new but their impact is increased in the context of Big Data Analytics, particularly in relation to ethical issues around how data is used and also transparency around the use of artificial intelligence and machine learning,” Dr Mullins stated.
The role of the Consultative Expert Group is to help EIOPA develop smart policy proposals that promote responsible financial innovation for the benefit of the European consumer. As a member of this group, Dr Mullins will advise EIOPA in the development of a set of principles of digital responsibility in insurance.
EIOPA’s overall goals include: better protecting consumers, rebuilding trust in the financial system; ensuring a high, effective and consistent level of regulation and supervision; greater harmonisation and coherent application of rules for financial institutions and markets across the European Union; strengthening oversight of cross-border groups; and, promoting coordinated European Union supervisory response.
The European Insurance and Occupational Pensions Authority is a European Union financial regulatory institution that replaced the Committee of European Insurance and Occupational Pensions Supervisors. It is established under EU Regulation 1094/2010.