IAFI has published a set of dos and don’ts on the concept of open insurance.

In recent years, several initiatives to open up insurance-related data have been announced or rolled out across the world, while other jurisdictions have yet to consider open insurance. While the insurance industry sees possible opportunities from the concept, there are also risks that need to be carefully considered.

With so many different jurisdictions, approaches also differ. As a consequence, thoughts on this new and developing topic of data sharing vary amongst IAFI’s members. Nevertheless, if the issue of open insurance is to be considered by policymakers, there is agreement on recommended dos and don’ts for them to ponder on a range of issues related to this topic.

They highlight the need to ensure:

• Purpose-driven data-sharing
• Clarity for data owners
• Appropriate open insurance frameworks and scopes that account for the insurance business model
• A level playing field between entities sharing data
• Adequate data security