How insurance companies can benefit from PSD2
01 / 09 / 2021
This brochure explains the context of PSD2 and describes some specific use cases related to the insurance market. The aim is to learn more about the advantages, new offerings, and services based on Access-to-Account.
The Payment Services Directive 2 was designed to encourage innovation and competition by opening the market to non-bank providers and stimulating banks to develop innovative services outside traditional banking. Therefore it obliges the banks to give authorized access to their customer accounts for retrieving bank account data and initiating account-based payments.
Competition and innovation are massive for the financial service sector. Insurance companies can use these new functionalities to develop customer-centric products by accessing their customers’ bank accounts and payment information. The valuable information from an account can give insights to the insurer to make pers. As well as helping to reduce fraud and improve customer experience.