The insurance business is rapidly migrating from paper-based processes - through digitalization and automation, to electronic processes. Digitalization and automation require standardization of information interchange when electronic business processes connect independent organizations. Within CEN, insurers and insurance intermediaries are currently involved in the standardization of the so-called PRIIPs (Packaged Retail and Insurance-based Investment Products), which cover a range of investment products that are at the core of the retail investment market, worth up to €10 trillion in Europe. PRIIPs are often complex to understand due to the variety of terms used.
The European Union has adopted a regulation on PRIIPs imposing those who produce or sell investment products to provide investors with Key Information Documents (KIDs). These KIDs should provide clear information on investment products to consumers. Hence, CEN/ TC 445 ‘Digital Information Interchange in the Insurance Industry’ embarked on the development of a European Standard for the digital implementation of KIDs.
Other upcoming standardization projects include topics such as the transfer of electronic documents and the insurance premium invoice.
Their next meeting will be held in Brussels on 13 June 2017. CEN German National Member, DIN, has the secretariat of CEN/TC 445.
For more information on the work of CEN/TC 445, please check their newsletter (pdf format).
Are you an expert in insurance in Europe willing to participate in the standardization of the digital interchange in insurance businesses ? We are still looking for experts from:
- insurance and reinsurance companies,
- intermediaries (i.e. brokers, agents and other sales organizations),
- providers of insurance portals and other communication services
- providers of software to the insurance sector.
What for? To contribute to defining new standards to facilitate the digitalization of the insurance industry thanks to your expertise!
You can join the meeting on 13 June by contacting your National Standardization Body.