The Dutch Association of Insurers has agreed a partnership with INNOPAY aimed at advancing the use of open insurance models within the sector.
The concept ‘open insurance’ is about sharing and using the rapidly growing amount of structured (insurance) data, products and services within digital ecosystems. By sharing data, insurers can organise their business operations more efficiently, offer customers an enhanced customer experience, and accelerate innovation.
While the concept has so far progressed significantly in the banking sector, the insurance landscape lags in its transition to open models. Research shows that there are several reasons for the slower uptake.
To help the sector advance its open finance maturity, the Dutch Association of Insurers (which has 80+ members) has now taken the lead and launched a program aimed at addressing key issues, setting up data sharing protocols and trust frameworks, and developing innovative use cases.
The industry association will also play a supportive role during the implementation phase, offering guidance with best practices, expertise and technical know-how.
The program is delivered in collaboration with INNOPAY, a well-known advisor in the open finance space. The Amsterdam-based consulting firm has a track record of advising banks on their open banking transformation, in particular around the implementation of the European PSD2 legislation. INNOPAY has also supported banks and other financial institutions with the strategic side of open finance development, and with the roll-out of technology projects.
“We have already gained valuable experience in the banking sector around the introduction of open banking. We look forward to put this experience to good use to support innovations, API-first transitions and the development of a data-sharing framework within the insurance sector,” said Maarten Bakker, managing partner at INNOPAY.
Richard Weurding, Managing Director of the Dutch Association of Insurers, said that an integral part of the program will be to build trust around the use of data. Giving customers ownership of their own data is herein a key objective. “Through the introduction of legislation by the government and clear-cut data sharing agreements at sector level, we can help customers take back control of their data. That will further boost trust in – and the adoption of – data sharing.”
