InsurTech4Good.com Weekly Newsletter – #15, 2025

Hello to everyone who is into insurance innovation and regulation.

This week’s issue covers the upcoming Digital Fairness Act and its implications for insurance, global perspectives on AI in financial services, how policymakers can better support startups, and recent publications from EIOPA, Japan’s FSA, and AXA.

Before moving to the news, some personal updates.

I’ll be in London from April 28 to May 2 and speaking at the Global InsurTech Summit on “How to Manage the Regulatory Landscape in Insurance” on April 30. The rest of the week I’m reserving for catch-ups—if you're around and think we should talk, let me know!

Also, I’m happy to share that I’ll be returning to Ohrid this summer to lecture at the EERIA Summer School on AI use cases in insurance and global regulatory developments. It will be definitely an insightful event and I’m looking forward to the conversations.

Hope you enjoy the read!

—Andres

Digital Fairness Act and insurance

The European Commission’s 2024 fitness check (evaluation) on digital fairness identified gaps in consumer protection online.

The next step is the development of a Digital Fairness Act. Building on the existing EU digital rulebook, this initiative aims to address problematic practices such as:

• Unfair commercial practices related to dark patterns
• Misleading marketing by influencers
• Addictive design of digital products
• Unfair personalisation practices

It also seeks to ensure a level playing field for online traders, improve enforcement, and introduce possible simplifications.

Read more here on what it might mean for insurance. 

How policymakers can better support (InsurTech) start-ups?

Start-ups are powerful engines of breakthrough innovation and technologies that can drive economic dynamism and growth.

However, their success depends on access to appropriate funding, supportive policy frameworks, and robust innovation ecosystems.

Read more here on how to achieve it. 

Japan’s Financial Services Agency (FSA) AI Discussion Paper 

Japan’s Financial Services Agency (FSA) has just released the English version of its AI Discussion Paper, joining a growing group of global supervisors actively exploring the implications of AI in finance and insurance.

Originally published in Japanese in March, the paper sets out why AI matters, what risks and opportunities it brings (especially with generative AI), and how supervisors can support innovation while addressing emerging challenges.

The FSA highlights the risk of inaction and encourages industry dialogue to help shape future policy. Feedback is welcome and strongly encouraged.

Read more here. 

The 2025 AI Index Report and insurance

12 findings from one of the most comprehensive and data-driven reports on artificial intelligence.

1. AI performance on demanding benchmarks continues to improve.

2. AI is increasingly embedded in everyday life.

3. Business is all in on AI, fueling record investment and usage, as research continues to show strong productivity impacts.

4. The U.S. still leads in producing top AI models—but China is closing the performance gap.

5. The responsible AI ecosystem evolves—unevenly.

6. Global AI optimism is rising—but deep regional divides remain.

7. AI becomes more efficient, affordable and accessible.

8. Governments are stepping up on AI—with regulation and investment.

9. AI and computer science education is expanding—but gaps in access and readiness persist.

10. Industry is racing ahead in AI—but the frontier is tightening.

11. AI earns top honors for its impact on science.

12. Complex reasoning remains a challenge.

From an insurance perspective, the report cites a Swiss Re–Waymo study showing that fully autonomous vehicles significantly outperformed human drivers, with 88% fewer property damage claims and 92% fewer bodily injury claims over 25 million miles.

Read more here. 

EIOPA's views for better regulation and supervision

Personally, I'm happy to see the word "growth" appearing in the supervisory language also here in the European Union. If I were to see the word "innovation" alongside it, I’d be almost satisfied.

Of course, one might say that words are just words and that actions matter more—but words are also essential for setting the tone. They can be powerful.

Because honestly, I don't know how we can deliver on this agenda of simplification, growth, and Savings and Investments Union (SIU) without responsible, meaningful, and targeted innovation—alongside appropriate technological solutions.

This applies across the board: whether in reporting, supervision, or the insurance solutions offered to consumers by the industry.

One point I want to eco is that simplification should start at the earliest stages of the EU legislative process. The mandates defined in legislation have real-life consequences for industry obligations and supervisory responsibilities.

I also highlighted this in a recent article published in Estonian media, where I discussed how to position Estonia as a powerhouse of responsible financial innovation.

This point is especially relevant in an era where we see more and more cross-sectoral legislation affecting insurance—think of DORA, the AI Act, and others.

Here in Estonia, we have a system where all legislative proposals that affect insurance go through the Ministry of Finance (e.g., environmental acts introducing compulsory insurance). This allows insurance experts to provide input early.

Something similar should ideally work—already today—within the European Commission through its College system. But I believe it could be done in a more targeted way, and earlier in the process.

That said, even if this part is addressed, the most difficult stage remains the trilogues between the co-legislators—where everything can change. The inclusion of insurance in the AI Act at the last minute is a good example. I don’t have a great solution for that part yet.

In any case, I recommend reading the recently published EIOPA approach to supporting the objective of simplifying regulation and reducing administrative burdens to enhance European competitiveness.

Read more here. 

AI Continent Action Plan

The European Union is committed and determined to become a global leader in Artificial Intelligence, a leading AI continent.

This just published Action Plan is important for all sectors, including finance and insurance.

Among other things, the Plan states we need to take further action to ensure more access to high-quality data for AI innovators.

With this objective, the EU will work towards a dedicated Data Union strategy and will, among other measures, explore the development of Data Labs as integral components of the AI Factories, to enable the provision, pooling, and secure sharing of high-quality data.

Read more here. 

2025 AXA Foresight Report

What if Artificial Intelligence warmed up the world...?

WHAT IF. Just two simple words that capture the essence of foresight.

They invite imagination—the ability to project possible futures—while staying grounded in reality.

The newly published AXA Foresight Report explores 10 “what if…” scenarios and five megatrends.

Ultimately, this foresight exercise is a crucial step toward understanding and preventing risks, helping to ensure a sustainable future for generations to come.

I’ve been reading this report every year, and I think everyone interested in insurance and risk should too.

What’s different this year is that, after completing a foresight course, I now look at it from a slightly different angle.

And it’s indeed very well written and illustrated. (Illustration is, at least in my opinion, a crucial part of foresight.)

Read more here. 

Thanks for reading!

If you're navigating InsurTech regulation, policy, or innovation—and think I can help—don’t hesitate to get in touch.

📬 Subscribe to my newsletter here
📌See how I can help you here
🔗 Follow me on LinkedIn
📧 andres@insurtech4good.com