The Challenge
Encourage entrepreneurs and third party developers to build apps on top of open insurance APIs.
Purpose of a common data standard
This is the first step towards producing a common API spec.
- Specification for the definition of data properties, structures, relationships, technical names, and data types.
- A domain model that is technology-agnostic and in comprehensible business terms.
- Defines requirements and common methodology.
- A foundation for managing data quality and integrity.
- A framework for database design
Supplementary reading:
Open Insurance API Specification
v1.0 - 16.05.2022
Open Insurance Data Standard
Covers:
Motor insurance
Trade Credit insurance
Pet insurance
Property insurance
Business Interruption insurance
Cyber Liability insurance
Term Life insurance
Travel insurance
Covers only the Motor insurance line of business.