Dutch Association of Insurers enters into Open Insurance partnership with INNOPAY
Sharing data – whereby the rights holders retain control – offers tremendous opportunities, but is also one of the biggest challenges of our time. We are delighted to announce that the Dutch Association of Insurers has recently entered into a new partnership with INNOPAY aimed at actively tackling this challenge within the insurance sector.
“Due to the growth of digital ecosystems in combination with new legislation such as the European Financial Data Access (FIDA) regulation, a number of impactful changes lie ahead for the insurance sector, but these are an essential part of the sector’s digital transformation journey,” states Maarten Bakker, Managing Partner at INNOPAY.
Enhancing the customer experience
In partnership with the Dutch Association of Insurers, INNOPAY will help the sector to successfully transition to Open Insurance by addressing the key issues, including how all players can work together to ensure that seamless data exchange leads to new, embedded, data-driven products and services that really do help to enhance the customer experience. “And the most important question of all is how this development – the introduction of Open Insurance as the basis for data sharing – can be implemented smoothly and successfully,” says Bakker.
The Dutch government’s solution is to anchor data sharing within the financial sector in legislation so that each customer dictates how their own data is used. “By reaching clear-cut agreements on this at sector level, we can help customers to take control of their data. That will further boost trust in – and the adoption of – data sharing,” comments Richard Weurding, Managing Director of the Dutch Association of Insurers. At the heart of this will be collaboration with not only existing players (such as intermediaries and proxies), but also new players in their roles as data holders or data users.
“As an internationally active consultancy firm specialised in digital transactions, we have already gained valuable experience in the banking sector, including during the introduction of the European PSD2 legislation and Open Banking. We can put this experience to good use to support innovations, API-first transitions and the development of a data-sharing framework or ‘scheme’ within the insurance sector,” adds Bakker.
Bakker’s key piece of advice for insurance companies is to take proactive action and seize the opportunities that present themselves in the ever-evolving Open Finance landscape. “Otherwise you will end up spending all your time on nothing but the compliance requirements.”