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Open Insurance

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Open Banking for the insurance industry: what's it all about?

Insurance is the most regulated and competitive industry. Several insurance companies offer a broad range of insurance products and services, resulting in increased competition. Due to old-fashioned and fragmented legacy systems, insurance firms are burdened with high IT costs and poor data use.
There is a lot of movement in the insurance industry at this time. Digital transformation is no longer considered a science fiction concept. As new insurance solutions and open banking technologies develop, insurers understand the need to digitise their business models and operations to increase efficiency.


Today's insurance customers are seeking a smooth and personalised customer experience.  Insurance companies may get insights into their risk aversion and preferences to learn more about their customers via open banking, which means different insurance products and their willingness to switch providers.  When looking for your insurance company's right open banking provider, several open banking providers are available.
The right open banking provider will allow your company access to new opportunities without compromising its data integrity, trustworthiness, or security. Working with an open banking platform may help your insurance company whether you want to verify the identity of your customers or broaden your compensation options to profile them.

Why insurance companies should look to Open Banking

When the EU Commission introduced the Revised Payment Service Directive - PSD2, open banking acceleration in Europe and worldwide kickstarted in insurance innovation. Open Banking is not a result of PSD2 but a culmination of much more significant and long-lasting trends across the digital economy. These trends are fuelled by innovations made by small and large tech companies in close combination with changes in consumer behaviour and expectations. 

Furthermore, these trends have also been further accelerated. This is by the digital innovation and proliferation of open banking services through the fintech boom of recent years. But development and digitisation will not end there. As we move toward Open Data, it is clear that the insurance industry is facing many of the same challenges as banks.

At the same time, stand to benefit from the learnings and technological advancements made through Open Banking. Let us discuss more about our open insurance solution.

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The Open Insurance opportunities:

Open Finance provides the most mature set of open banking APIs across Europe. Insurers can - with the right partners - tap into these and start building their capabilities for API integration. Foster innovation while at the same time leveraging the IT talent of their partners.

The open financing APIs can provide insurers with new opportunities to reduce operational costs. You can do this by tapping into the account-based payment improving processes through access to verified customer data, e.g. checking the validity of an IBAN before making a payout and processing payments.

Insurance payments services need open banking so the customer data can - with the consumer's consent, of course - also be explored to build up data-analytics capabilities. All without waiting for the in-house legacy migration projects to fix the lack of access to data.

Read our blogs about Open Banking

How Open Insurance is used in customer engagement.

It's a contentious subject between insurance firms, intermediaries and their clients on how Insurance uses open banking. Insurance firms may leverage digital technology and data to improve their clients while increasing their bottom line.

Take the initiative on Open Insurance right now! Agility, client focus, and new ideas are all highlighted in Open Insurance. Financial services and financial institutions like insurers open the door to the digital era.

You may use your data and the newest online payments methods to improve your present procedures with Open Insurance.

Deliver personalised experiences to create emotions end engagement.

As a European leader in payments, Worldline has more than 50 years of experience in hosting and processing sensitive data. If data is the fuel, we are convinced that mastering Customer Interactions is the key to delivering personalised services in line with end users' expectations and lifestyles. We have developed a comprehensive set of skills and solutions to support financial institutions in their digital transformations to help you take up the challenge of moving towards personalised customer journeys and increased customer engagement. 

WhatsApp for Business Platform

Insurers are increasingly implementing WhatsApp in order to streamline their customer experience and automate many service offerings.

As WhatsApp is widely used by your customers and your agents alike, WhatsApp for insurance can make a world of difference in improving the overall customer experience.

Learn more about WhatsApp for Business

Open Banking beyond banking

From Open Banking to Open Data- this is just the start

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How can insurance companies benefit from PSD2?

Read this brochure and find out about PSD2 and some specific use cases related to the insurance market. You will discover the advantages, new offerings and services that can be created on the basis of Access-to-Account.

Download the brochure

Our Open Banking services for insurance companies