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Framework for open insurance strategy: insights from a European study
Willem Standaert1, Steve Muylle2
1HEC Liège - Management School of the University of Liège, Rue Louvrex 14, 4000 Liège, Belgium.
The Geneva Papers on Risk and Insurance. Issues and Practice
|February 7, 2022
Summary
Open insurance, driven by open finance, encourages insurers to adopt digital technology for efficiency and innovation. This study defines open insurance, explores its drivers, and analyzes its strategic performance impact for stakeholders.
Area of Science:
- Business and Economics
- Information Systems
- Insurance Studies
Background:
- The insurance industry is increasingly influenced by the open finance movement, pushing for greater data exchange.
- Open insurance is perceived by some as a buzzword, but it represents a significant trend in digital transformation for insurers.
- Insurers are exploring digital technologies to collaborate with third parties for enhanced processes and offerings.
Purpose of the Study:
- To define open insurance and its core components.
- To identify the key drivers stimulating the adoption of open insurance strategies.
- To analyze the dimensions and performance impact of implementing an open insurance strategy.
Main Methods:
- A comprehensive literature review was conducted on open insurance and related concepts.
- Qualitative data was gathered through 30 in-depth interviews with European industry experts.
- The study synthesizes existing research with primary industry insights.
Main Results:
- Open insurance is defined as the use of digital technology by insurers to exchange data with third parties.
- Key drivers include the pursuit of process efficiencies, development of new products, and expansion of distribution channels.
- The study outlines strategic dimensions and quantifies the performance impact of open insurance.
Conclusions:
- Open insurance offers significant performance benefits for insurers, customers, and third-party partners.
- Executives can leverage these insights to understand open insurance and formulate effective strategies.
- The findings provide a framework for navigating the evolving landscape of open insurance.
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