Data Protection in Financial Technology (FinTech), Insurance, and Medical Services : a New Regulation and Perspectives

With several judgements in the area of data protection, the European Court of Justice positions itself as a guardian of fundamental rights. Thus, this high European Institution is a pivot of the European construction and therefore, a highly symbolic place to organise such a seminar.

The European draft regulation on Data protection aims to address the unprecedented challenges of the digital revolution. New information and communication technologies (internet, social networks, Smartphones, massive use of data with the Big Data, connected objects etc.) open an extraordinary range of possibilities for every economic sector. The Financial, insurance and medical sectors must adapt their roles to these major evolutions that tend towards simplicity, efficiency and speed.

The strength of FinTechs, companies using technological innovations in banking and financial sectors lies in Big Data, predictive analyses, risk management and mobility. This challenges the traditional activities of banks.

The same applies to the insurance sector. The large scale of data usage allows insurance companies to charge an insurance product under new criteria and to propose to their insured new ranges of products.

New technologies grant health professionals and patients with tools that provide for greater exchange of information. Innovative tools allow patients to have a better understanding, of their disease and treatment and the ability to analyze and follow their development but also raise data protection issues.

Although different, these three services face common challenges when dealing with particularly sensitive data. It is therefore their responsibility to find a balance between the necessary adaptation to new technologies, the researching for competitiveness, improving their services and the necessity of protecting personal data under the current legislation.

Seminar organised at the European Court of Justice by the UIA with the support of Mr. Xavier BETTEL, Prime Minister of Luxembourg and the collaboration of the Luxembourg Bar Association, Luxinnovation, the CNPD, ACA, ABBL, the Business Club France Luxembourg and the Luxembourg Institut Universitaire International, the University of Luxembourg, the Conférence du Jeune Barreau de Luxembourg and EBRC