To what extent should the standards and infrastructure developed by the different Open Banking standards be leveraged to support Open Insurance?
Our discussions highlight that Open Insurance would require a range of common and agreed standards, including:
• technology architecture including open APIs
• operating principles, processes and practice
• security protocols
• user experience design
• service level agreements for performance
• liability models
• dispute resolution
• consent management and data rights
• authentication and identity management
This info graphic in certain ways covers many of these elements. It highlights opportunities in leveraging synergies with Open Banking to reflect a range of data and transactions that are common across most financial markets and services providers.
Join the OPIN community and take part in some of the ongoing discussions by completing the online form here.