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B3 starts service platform operation for Open Insurance

Tuesday 19 April 2022 14:14 CET | News

Brazil-based stock exchange B3 has started to provide services to help insurers comply with Open Insurance regulatory standards.

BNP Paribas Cardif was the first insurer to contract the implementation of B3's platform.

Developed in partnership with the startup Finansystech, B3's platform promotes traffic and data management among the companies participating in Open Insurance. Insurers can send the information to the platform via file or API and the data is available for sharing with other companies within the B3 environment, which is also responsible for monitoring processes, consent, and business rules.

Another advantage is that the platform is integrated with the Operations Registration System (SRO) database. Companies that already use B3's infrastructure to register insurance operations will be easier to comply with the standards of the second phase of Open Insurance, as much of the information needed for data sharing will already be available in the B3 environment.

In the coming months of 2022, B3 will also launch the analytics function, which allows the management and analysis of data with the inclusion of B3 variables and indicators to create insights, business opportunities, risk reduction, and other solutions so that insurers can develop personalised offers and products, focused on the profile and need of each customer and product.


Source: Link


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Keywords: Open Finance, insurance, regulation
Categories: Banking & Fintech
Companies: B3
Countries: Brazil
This article is part of category

Banking & Fintech

B3

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