Since its set-up of the Single Market in July 1994, the European insurance sector has experienced many challenges. The biggest challenge today is digitization and the impact that automated processes and artificial intelligence will have on product development, product designs and capital requirement. 

Nowadays customers expect the same customer experience from insurers, which they are used getting from digital platform providers such as Google, Apple or Amazon. To meet customer expectations, insurers must increasingly automate their processes, including cost-intensive core processes such as underwriting and claims processing.

When implementing automated processes however, the insurance industry faces two obstacles: the requirements of Solvency II and outdated IT systems. These obstacles often prevent digital and customer-oriented processes. This has resulted in InsurTechs and new digital insurers using innovative technologies and agile processes to fill the gaps in digitalization. Largely unknown to consumers some years ago, InsurTechs have increasingly joined forces with traditional insurers in recent years, whereby traditional insurers aim to integrate InsurTech innovations into their own business models. The objective for providers using such innovative eco systems is to build a bridge between innovation and creativity on the one hand and compliance and law on the other. 

Our Financial Regulatory Hub Europe in Frankfurt works closely with a Dentons’ wider team in Europe to advise companies, industry and trade organizations on the pan-European framework and its implementation into the national law of the EU-27 member states.

We support insurance companies and intermediaries with the legal, regulatory and tax structuring aspects of their business, including:

• Digitization: We support insurers, brokers and InsurTechs in redesigning value chains and outsourcing models. Our legal services cover legal concepts for paperless customer portals, cooperation between InsurTechs and established insurers, and the establishment and licensing of digital insurers. We support clients in the design of group insurance contracts for B2B and B2C providers. 
• Solvency II: Insurers look to us for advice on all legal issues relating to Solvency II. We support European insurance companies in entering national insurance markets of the EU-27, be it on a freedom of services or on a freedom of establishment basis. We advise banks and funds on the design of their products for insurers in the current low-interest environment.
• Insurance contract law: You can rely on us for legal support in formulating, reviewing and adapting general terms and conditions to changes in the law or case law, especially in the life insurance sector. In addition, we advise insurers on the design of cyber, D&O, warranty and indemnity and specific risk policies.
• Insurance intermediaries: Following the implementation of the IDD, we advise on all questions of insurance mediation conducted by insurance agents or brokers. This consulting includes both the relevant regulatory requirements and the translation of commercial requirements into contractual solutions.
• Compliance: Insurance companies are highly dependent on building and maintaining customer trust in their brand. Compliance creates trust and is therefore a success factor for the insurance industry. We offer innovative solutions to help clients set up and develop an effective and efficient compliance system in accordance with Solvency II. In doing so, we pursue an interdisciplinary approach to ensure you are fully prepared. This includes, for example, whistleblowing systems, the digitization of guidelines, modern training concepts and support on internal investigations.
• Data protection: Insurance contracts require the administration of sensitive data. For this reason, data protection has always been a high priority for the insurance industry. The GDPR has tightened the data protection requirements in many EU countries. Due to the increasing digitalization of the insurance industry, the importance of data protection will also increase. We advise insurance companies on all aspects of data protection law, from the optimization of "traditional" processes to the development of new digital business concepts.

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Recent Press Releases

Alessandro Engst and Holger Schelling appointed Co-heads of Dentons’ Financial Institutions Regulatory practice in Europe

July 6, 2021

Rome-based partner Alessandro Engst and Frankfurt-based partner Holger Schelling have been appointed Co-heads of the Europe Financial Institutions Regulatory group at Dentons. They will collaborate on the further development of the Financial Institutions Regulatory practice and offering across continental Europe and Central Asia.