Following the rules of the Superintendence of Private Insurance (SUSEP), Peers Consulting is responsible for the management of OPIN, an initiative in Brazil which works to ensure the standardisation of insurance data and service sharing.
The decision to join the OpenID Foundation’s board through Peers Consulting stems from OPIN’s partnership with the foundation which brought mutual benefits such as raising the profile of the insurance sector, Latin American requirements, and ecosystem experience to the OpenID Foundation leadership. OPIN worked closely with the OpenID Foundation as a partner and deployed the foundation’s FAPI standard and self-certification capabilities across its ecosystem.
OPIN follows the example of its domestic peer, Open Finance Brazil, a Latin American player in adopting and mandating OpenID Foundation’s FAPI standard and FAPI certification for the Brazilian financial services vertical.
As part of the agreement, representatives from OPIN and Peers Consulting are now part of OpenID Finance’s board of directors. This decision follows as an increasing number of countries focus on open data requirements. According to the Cambridge Centre for Alternative Finance, 95 jurisdictions have open data legislation, regulation or guidance, and are either in the development stage, moving through the process of planning, or have passed.
The Open Insurance initiative is part of Brazil’s broader strategy to modernise its financial and insurance sectors, aligning with global Open Finance trends. By promoting transparency and customer-centric innovation, Open Insurance seeks to empower consumers with more control over their data and facilitate the development of competitive, technology-driven solutions.
In December 2024, SUSEP publicised key regulations to refine the OPIN programme and recalibrate it for the benefit of the entire ecosystem. The objectives of these new regulations were to extend implementation deadlines and make changes for SPOCs.
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