The Emergence of Open Insurance

In the digital age, consumers are seeking more convenient financial experiences, similar to those offered by open finance, which began as an evolution of the open banking movement. This evolution was driven by technological advancements, regulatory changes, and the shifting needs and expectations of consumers and businesses within the financial ecosystem. 

Building on the insights from our previous whitepaper “Democratisation of Insurance”, this paper delves deeper into the transformative potential of open finance in the insurance sector.  This Whitepaper focuses on how open insurance will impact end customers, insurers and ecosystem players in the insurance value chain, and explore key developments across various aspects such as technology and market structure within the insurance space. Additionally, it will discuss how open insurance may create new business models and use cases, ranging from distribution and operations to claims and user experience.