Open Insurance – Both Challenge And Opportunity
Data is critical for insurance. It is foundational to risk identification, pricing and product design. Insurers are typically data rich. New kinds of data and data sources, new players and new innovative opportunities are emerging. Globally, policy makers are considering whether and how far insurance value chain data should be ‘opened’. Insurers should take note of this discussion paper on Open Insurance released by European Insurance and Occupational Pensions Authority (EIOPA). It covers opportunities for Open Insurance beyond data into areas such as supervision, and comparison websites. Amongst the issues to be considered:
Policyholder rights
Proper oversight and supervision
Data protection and (digital) ethics
Interoperable data sharing framework and API standards
Level playing field and data reciprocity
Source: EIOPA
