Do you know Fida? Do not be ashamed, the insurers themselves discovered its fortuitously existence … While they are concerned in the first place. Now that this European project (“Financial Data Access”) is preparing to switch to trilogue, meeting between the Commission, the Parliament and the European Council, with a view to an adoption in 2025, they sound the alarm. Because this text provides that companies are revealed like never before, by sharing the precious customer data they have to third -party users, who may in turn be able to use them to offer very personalized insurance products. The traditional actors, in Germany as in France, are standing, pointing the risks of drift. Explanations from the Director General of the Macif, Jean-Philippe Dogneton.
L’Express: In what spirit did the European Commission develop the FIDA regulations?
Jean-Philippe Dogneton: A dozen years ago, representatives of the European Commission had interviewed me in the insurance sector. I had been surprised by two of their questions: why is there little competition in terms of insurance? And why is it so difficult, for a new actor, to settle on a territory like France, for example? I saw it there an error on the appreciation of the situation. In reality, France is a hyperconcurrential market, where traditional insurers, mutualists, banks, Assurtech, international actors rub shoulders. On the second point, we know that insurance is a technical subject, there is case law, the rules differ depending on whether it is bodily or material damage, from one country to another … from This discussion, already appeared the idea that it was necessary to allow access to data from the insured as widely as possible, to facilitate competition.
And then, one day in June 2023, FIDA emerged on a proposal from the European Commission, based on this intention to increase the transparency of the sector and to energize competition. It had not been the subject of any exchange, of no particular consultation. Its objective is to allow the most free access to consumer data – of course, with their consent. Insurance companies and banks will provide this data to third -party users who will, by aggregations, be able to use them before putting themselves in contact with the consumer. The Commission starts from the principle that this transparency will be virtuous and allow in particular third parties to formulate offers which would be more suited to the needs of the customer.
That’s to say ?
Precisely, it is not clear. Should this aggregation allow you to play on the price, on the quality of the offer, on the level of coverage? What will we want to compare? What will we derive as a substance from this access to data? In fact, nothing is specified, the text does not tell the story. It is simply a form of dogma.
So, all this data will pass through a platform, intermediary between the insurer and the third party, who will be able to use them. Who will manage it?
It is not well defined either, but we especially understand that it will cost very dear in installation. Some estimates report 2.5 billion euros. Not to mention the costs of a regular update, since the data will have to transit in real time.
These considerable investments will request our computer scientists, already very much mobilized by the fight against cybercrime, and the establishment of Dora, another very demanding European legislation in terms of network security. Our capacities are not unlimited. And then, it would be a lure to think that the cost of these platforms will not affect the consumer. There is someone who will have to bear the installation and its investments, even if, theoretically, it is expected that the insurer or the banking institution can be paid on the communication of this data. A possibility that also poses other questions.
What will be the data available on this platform?
The text sweeps wide. In traditional damage insurance, for example, there will be guarantees, exclusions, location, the quality of the property … all associated with the name of the consumer, who will have given his prior agreement. From these elements, it will be possible for an extra-European organization to develop a price and make an insurance proposal. The risk is that the duty of advice is sacrificed in favor of the price parameter.
Where we see a considerable danger is that new entrants will be able to select the right risks rather than the worst. However, one of the great forces of insurance in France, that we defend beak and nails is the idea of pooling, especially through the “Catnat” regime [NDLR : le dispositif d’indemnisation des catastrophes naturelles] Thanks to which everyone pays a little and everyone is insured, whatever the exposed area. If tomorrow a new player has access to the quality of the risk, to history, to the previous loss, it will be enough for him to choose the right profiles, and to leave the bad.
What is paradoxical is that Europe speaks of mutualisation on a European scale of climate risks, but that at the same time, it delivers on a tray the instruments of segmentation.
No safeguards are planned to avoid this drift?
By dint of alerting Brussels, the Commission said that it was going to open a work site on this subject. At the same time, she lets the Fida project prosper. Presumably, it will even be in place before the conclusions of this working group arrive.
How will we control access to this platform?
This is one of the subjects that we point the finger. One of our fights is to request that access to this data is not open to GAFAM which could undoubtedly find the essential information for the creation of extraterritorial competition. Our opinion is that actors should be prohibited who are not installed in Europe and who are not regulated by the European Insurance Controller. The trilogue is looming between the Council, the Commission and the Parliament and we have still not been consulted.
Was not heard European insurers for the development of this regulation?
Imagine that it was by chance that an employee of the Macif became aware of this text and brought the information to most French actors, in 2023. We had not been aware of it before!
He also remains largely unknown to citizens. According to the survey* that you publish, only 1 in 5 French people heard about it and less than 1 in 10 says it know exactly what it is …
Who better than consumers to say? It is for this reason that we questioned the French on FIDA and the transmission of data. The result is eloquent: 75 % of them refuse to communicate what relates to their health contracts [NDLR : ce domaine n’est pas concerné par FIDA]65 % with regard to financial data associated with their insurance contracts and 64 % for general personal profile data. Less than 10 % would accept the opening of their insurance data, and again, on the condition that this device is very supervised. Respondents consider that insurers are best placed to protect their data.
The only rejoicing are the new entrants to the insurance market?
Of course, because it will be enough to bend down to pick up the data and make a counter-proposition, which will certainly be less good in terms of quality of advice, with a risk of discrimination.
Do you hope for an inflection of the European Commission, rather inclined lately to softening in favor of businesses?
We ask the Commission to carry out a real impact study and to become aware of the challenges of sovereignty and competition. Common sense should invite, at least, to take a break and to open consultation.
* Kantar online survey of 1,000 people aged 18 and over, representatives of the French population, from December 30, 2024 to January 3, 2025.
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