We collaborate with regulatory authorities and government agencies around the world to facilitate discussions around the provision of Open Insurance standards and research.
The insurance industry continues to build up steam threatening disruption of centuries old insurance practices, products and business models. The initiative will attract attention to your market as a champion of technological disruption.
The adoption of open APIs and shared access to data allows InsurTech start-ups, app developers and other ecosystem participants quicker access to data and insurance product stacks.
This leads to lower barriers to entry resulting in a better competitive environment. Allowing for implementation of data sharing and open APIs will mean the creation of new business channels, innovative new products and enhanced customer experience.
Easier access for customers with the capacity to securely share and integrate their data with competitors that might have keener price points and more innovative or user-friendly functionality will be a welcome prospect.
Policymakers and insurance authorities will be encouraged to pursue smarter regulation policies and adopt frameworks that cultivate the open API movement.
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