Regulatory Influences on Open Insurance

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Many exciting use cases are conceivable. For example, in the case of pensions. With a digital pension overview (so-called pension cockpits), you will soon be able to see at a glance how your own security is in old age. With Open Insurance, various players could access this information, with the customer's consent, and develop tailored offers for additional - or necessary - security.

Instead of laboriously gathering all the information from thick files, users are given access to their own data. At the push of a button, they receive an automated and quick overview of their expected pension. In a further expansion stage, they could even link their own pension cockpit with their spouse's digital pension overview.

Pension cockpits are the first simple but meaningful use cases. There are lithuania consumer email list also countless other use cases that can be realized through Open Insurance.

Open Insurance brings new opportunities to the digitalization of the insurance industry. In this context, digitalization primarily means the structured and standardized exchange of data between the various players. The regulatory framework is the most important driver for Open Insurance.

The Federal Government has also recognized the value of data and aligned its data strategy, which was adopted in January 2021, with it. With this strategy, the Federal Government is trying to significantly increase innovative and responsible data provision and data use, particularly in Germany and Europe.

In spring 2021, the European Insurance and Occupational Pensions Authority (EIOPA) published a discussion paper on the topic of open insurance. Numerous initiatives and associations in the market have responded and written corresponding responses to the document published by EIOPA. This has sparked a real debate and various organizations have been intensively dealing with the topic of open insurance since then.

An open finance legislative proposal from the European Commission is expected this year. The aim is to reduce the complexity of data exchange in the insurance industry as well. The EU Commission's draft will not only relate to the topic of open insurance, but to the entire spectrum of the open finance concept.

outlook
There is a great opportunity to secure and expand a strategic competitive position. No one can fully predict how relevant the topic of open insurance will be. Regardless, it will be important to offer digital solutions that create strong experiences and benefits for customers. Open insurance can be an opportunity for the insurance industry to respond to changing customer requirements and pressure to digitize. So far, open insurance is still an idea. However, regulatory influences can greatly accelerate development.

You can find more exciting topics from the adesso world in our previously published blog posts .