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views on the regulatory treatment of innovative products, services and business models identified three key long-term priorities. These are to ensure that innovation is aligned
as well as coordinate the regulatory approach to innovation in the financial sector. with the best interests of consumers taking into account digital ethics and financial
A second example is the EU Supervisory Digital Finance Academy, a joint project with inclusion; to strengthen business model sustainability and resilience of all insurance
the European University Institute and European Commission. In providing a wide range market players; and to enhance the supervisory capabilities of EIOPA and NCAs by
of training programmes, the academy supports a more agile up-skilling for supervisors maintaining the standard of efficient prudential and conduct supervision as well as
while also bringing economies of scale. responding to and using technological innovation.
In implementing the strategy, EIOPA’s role will range from monitoring developments,
Digitalisation of the insurance sector shows no sign of slowing down. In recognition of facilitating and promoting innovation, contributing to digitalisation of NCAs and
this, EIOPA’s strategy includes the priority to support the supervisory community and implementing its own digital transformation. EIOPA will consider the best interest of
the industry to mitigate the risks and seize the opportunities of the digital transformation, consumers first, adopting a technology neutral approach. EIOPA also aim to be flexible
including by further promoting a data-driven culture. to keep pace with innovation, without compromising its mission.
EIOPA has also developed a digital strategy, published at the end of 2023, that guides
EIOPA’s digital focus areas for the next three years, so that EIOPA can support the As the digital transformation continues apace, EIOPA will also continue work with
digitalisation of the insurance and pensions sectors, of national competent authorities national supervisors and the International Association of Insurance Supervisors, industry
and of EIOPA itself. and innovators, to ensure that innovation can flourish with risk to financial stability or
Under the objective of promoting consumer protection and financial stability, EIOPA consumer protection.