The road to open finance: Challenges, opportunities and next steps for the insurance industry

Open finance provides an opportunity to build on the concept of open banking by allowing consumers and SMEs to share their data with third party providers (TPPs) who can use the data made available to develop innovative products and services for their customers. Insurers should be at the forefront of this development with opportunities for more accurate underwriting and better service delivery for customers.

The insurance industry can use open finance to deliver customised and personalised products and enhance customer experience through personalised product pricing and gap analysis.

This whitepaper co-written by EXL and Moneyhub explores the challenges, opportunities and next steps for the insurance industry.

Topics covered include:
• What is open finance?
• Possible open finance use cases in insurance.
• The journey to open finance.
• Getting ready for open finance.