Vehicle Data Can Become a Turbo for the European Digital Economy
A new EU law aims to make data from connected vehicles usable – for the benefit of vehicle owners, to improve road safety and to enable sustainable digital innovation.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231017864793/en/
Klaus-Peter Röhler, Member of the Board of Management of Allianz SE: ''We welcome the EU Data Act.'' (Photo: Allianz)
The EU Data Act was the main topic at the 11th Allianz Motor Day on October 17, 2023. Experts discussed the new regulation at the Allianz Center for Technology (AZT) in Ismaning.
Vehicle data, used wisely, makes the transport system safer, cleaner, smarter
Allianz’s assessment was clear: “We welcome the EU Data Act,” said Klaus-Peter Röhler, Member of the Board of Management of Allianz SE. “The new law stands for innovation and competition – it is a European initiative to strengthen the European digital economy. The new EU regulation follows a convincing principle: ‘My device, my data’ – we support this idea.” Users of a connected car, according to the new legislation, will in future be able to demand from the manufacturer that the data collected in the vehicle be transferred to third parties. For “easily accessible data,” the EU Data Act even requires the data to be made available in real time.
This, Röhler said, could lead to real innovations: “We want to convince our customers in car insurance, through attractive offers, to share their data with us. The EU Data Act would also give other companies and start-ups the chance to become inventive. Using millions of live camera and position data from vehicles could solve the parking-space problem in inner cities. This would not only be a win for drivers, it would also save significant amounts of energy, help climate protection and improve air quality. If vehicle data is used wisely, it has the potential to make our transportation system safer, cleaner and smarter overall.”
How the EU Data Act could change car insurance
With detailed data from the vehicle, completely new insurance offers can be provided and new services made available in the future. “In case of an accident, it would be possible to automatically record the extent of the damage in real time by evaluating position data and data from crash sensors. Allianz could immediately inform a towing service, reserve a rental car, order suitable spare parts and make a workshop appointment for our customer. In the case of serious accidents, medical assistance could be provided,” Röhler said.
“In the past, the customer had to inform us. In the future, we’d contact our customers proactively, providing relief when customers need us most.”
Röhler also pointed out that by using car data, Allianz can offer the fairest possible price to every customer. “We can calculate insurance offers that are significantly more risk-adjusted, taking into account both the driving style and whether the vehicle is equipped with safety systems and whether those are switched on or off. At the same time, the sensor and camera data can be used for the proper, correct and fair investigation of an accident and for liability clarification,” Röhler said.
Data sent directly from the vehicle will take on special significance when autonomous and AI-supported systems control the vehicle in the future. “Those affected – as well as society – have a right to know whether the human or the machine caused the accident,” Röhler said.
A recent Allianz survey conducted in five European countries shows that a majority of car drivers are willing to share their car data with their insurer if they receive comprehensive service support in return: in Germany it’s 53 percent, in Great Britain even 61 percent. “This is a very important message for us, which we can be proud of: our customers know that they can trust us, because we will handle their data with care and in their own best interest,” Röhler said, commenting on the survey results.
True competition can exist only with fair prices
Discussions at the 11th Allianz Motor Day also revolved around the question of how third parties can access in-car data in practice. The EU Data Act stipulates that “easily accessible data” must be transmitted in real time – but what data is that? And what price may the car manufacturer charge for transmitting the data to third parties? “Real competition can only emerge if vehicle manufacturers demand fair prices. Otherwise, third parties have no chance to innovate,” Röhler said.
Legal framework for data transfer is missing
But what should an individual customer do with the data of their vehicle? And above all, how should they access the data and pass it on? This can only work if there is a very simple way for the individual to transfer the data in practice. “The EU Data Protection Act only creates the legal basis for the transfer of data from the vehicle to third parties. However, the legal framework is still missing that specifies in which technical way the data from the vehicle can be made usable for all market participants,” Röhler said. “Legislators must find a practicable solution for this as quickly as possible, otherwise the treasure trove of data cannot be mined for the benefit of customers and of all participants.”
Regarding the use of vehicle data, Allianz demands the following:
1. Vehicle owners must be given full transparency about the data collected in their vehicle. Every car owner must be given a precise overview so that they know what data is being collected in their vehicle. In addition, it must be possible to see which of these data points can be transmitted to third parties in real time.
2. In order for car owners to be able to make good use of the newly acquired sovereignty over their vehicle data, a standardized minimum data set is needed to enable new services regardless of the car manufacturer and to allow data to be shared quickly and easily in real time via defined interfaces if the owner so desires.
3. Allianz calls for a regulated marketplace and an independent data trustee who ensures the secure exchange of vehicle data. This independent institution must ensure that authorized parties can access data.
4. So that drivers can benefit from the many conceivable innovations, we need fair prices for data transmission to third parties. The costs must be calculable to enable broad competition.
All press materials and the recording of the entire event, as well as information on the EU Data Act, can be found here:
The Allianz Group is one of the world's leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 714 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
* Including non-consolidated entities with Allianz customers.
**As of June 30, 2023.
*** As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.
Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
Allianz SE is committed to protecting your personal data. Find out more in our privacy statement.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Zextras Introduces Carbonio - A Private Digital Workplace1.12.2023 16:07:00 CET | Press release
Zextras, the leading email and collaboration solutions provider, introduced Carbonio - a private digital workplace for the public sector and regulated industries. Carbonio emerges as an exceptional solution for the public sector, enabling them to implement an extensive digital workspace for their internal teams and stakeholders. Delivering a suite of features that are not only comprehensive but also fully customizable, from emails and calendars to video meetings and file storage, Carbonio allows for superior adaptation to any unique technical requirements or business objectives. It is equally enticing for regulated industries to enhance their operations by providing secure software solutions tailored to meet the distinct security needs of their country and respective states. The platform is rooted in robust compliance with global data protection regulations, including the European General Data Protection Regulation (GDPR). This fosters a secure digital environment for users, ensuring t
Beyond Medtech: Healthcare + Expo Taiwan Sets New Stage for Global Innovation in Future AI Healthcare1.12.2023 16:00:00 CET | Press release
The Healthcare+ Expo Taiwan, currently taking place at Nangang Exhibition Hall 1 from November 30 to December 3, 2023, is poised to redefine the landscape of AI healthcare on a global scale. This year's edition boasts the remarkable participation of 650 companies, occupying 2,300 booths, and has garnered the attention of leading technology firms and hospitals across the Asia-Pacific region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231201062013/en/ Expand businesses into growing markets in the APAC region with Healthcare+ Expo Taiwan. Join medical institutes and companies in the fields of medtech, biotech and healthcare to promote products, build partnerships and seize supply-demand opportunities. (Graphic: RBMP & IBMI) Taiwan's pivotal role in the AI-related supply chain is underscored by its impressive contribution, manufacturing AI chips, and over 90% of the world's AI servers. This proficiency positions Taiwan as a
International Sustainable Forestry Coalition Welcomes New Member, Sumitomo Forestry1.12.2023 15:31:00 CET | Press release
In September 2023, an international group of leading sustainable forestry companies launched the International Sustainable Forestry Coalition (ISFC) to support an increased contribution of the forestry sector to the transition to a sustainable society. Today the ISFC is delighted to announce that Sumitomo Forestry has joined the coalition. Sumitomo Forestry, headquartered in Tokyo, Japan, is a globally respected forestry sector leader with a long and honourable history. The Company’s history dates back to the seventeenth century when the Sumitomo family opened a copper mine in the Southern part of Japan and sourced timber for fuel and construction as well. Now, the company operates across the forestry value chain from forestry management, to wood processing, trading, wooden construction and biomass power generation. The firm is pursuing a long-term vision for the role of the forestry sector in the decarbonized society. Sumitomo Forestry manages sustainable working forests in Japan, Ind
Ant Group unveils "Fight Plastic for Nature" Action Initiative at COP281.12.2023 14:09:00 CET | Press release
In a pivotal move to address plastic pollution and promote nature conservation, the Ant Forest Foundation, established by Ant Group and its affiliates, today announced the launch of the "Fight Plastic for Nature" Action Initiative. The initiative was announced during the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai, United Arab Emirates at the IUCN Pavilion. The International Union for Conservation of Nature (IUCN) will provide tools and standards to measure the reduction in plastic pollution and its positive impact on biodiversity. Additionally, the IUCN will share and promote best practices in plastic emission reduction across the plastic life cycle. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231201206207/en/ During COP28, Ant Group unveiled Fight Plastic for Nature Action Initiative with partners at IUCN Pavilion on Dec.1, 2023 in Dubai, UAE (Photo: Busin
Abdulaziz Al-Gudaimi, Aramco Veteran, Joins EIG as Senior Advisor and Chairman of MENA Operations1.12.2023 14:00:00 CET | Press release
EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that Abdulaziz Al-Gudaimi has joined EIG as Senior Advisor and Chairman of EIG’s Middle East & North Africa (“MENA”) Operations. Mr. Al-Gudaimi, formerly Executive Vice President of Corporate Development at Saudi Aramco (“Aramco”), has over 38 years of experience in energy markets and will provide strategic counsel to EIG on its investment activities and continued growth in the region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231201817393/en/ (Photo: Business Wire) “We are thrilled to welcome Abdulaziz to the firm,” said R. Blair Thomas, EIG Chairman and CEO. “His deep sector expertise and wealth of experience in MENA will be instrumental for EIG in sourcing additional investment opportunities across critical energy and energy-related infrastructure, and for our portfolio companies as they navigate the complex challen