From data to added value 

Will the Data Act revolutionise insurance?

The working paper "Von Daten zu Mehrwert" (From Data to Added Value) explores the implications of the Data Act and the resulting opportunities for insurers. It addresses key questions about the transformative changes the Data Act will bring to the insurance industry. Effective from early 2024, with implementation scheduled for 2025, the Data Act seeks to unlock the full potential of the data economy and enhance the EU’s competitiveness in the global digital landscape.

The paper delves into how insurance companies can navigate emerging technological challenges and adapt to the evolving landscape of data access and usage in an increasingly interconnected world. With data volumes set to grow exponentially and global forecasts predicting a significant surge in data generation, insurers must be prepared to harness this growth effectively.

Described as a true game changer, the Data Act introduces both new opportunities and fresh challenges for the industry by redefining the rules of engagement. In this digital era of heightened interconnectivity, insurers must adopt forward-looking strategies to remain competitive and capitalize on these transformative changes.

Curious about the future the Data Act holds for the insurance industry? Download the paper now and stay ahead of the curve.