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Technological developments, such as automated advice, big data analytics and blockchain, have the potential to offer consumer benefits.
Insurance Europe stressed that regulation must be technology neutral and activity-based to ensure that consumers are effectively and equally protected regardless of the service provider.
Insurance Europe also welcomed the fact that the Commission is seeking views on how best to support digital innovation and seems ready to address unjustified obstacles to it.
Given the speed of digital innovation currently taking place, Insurance Europe also highlighted the importance of cybersecurity, and called attention to the need for businesses to implement the right cybersecurity measures.