The standards create an opportunity to allow consumers to access and share their data with other insurers or third parties, in a safe, agile, accurate and convenient way. The data can be used to develop new products and services that meet the current and future needs of insurance, pension and capitalisation consumers, in addition to integrating with the National Financial System - SFN, which already has Open Banking.
The Open Insurance aims to allow easier access for consumers to insurance products and services - increasing the financial citizenship - combined with a sharing capabilities and data integration. This will make it possible to create more customised and more suitable products or more user-friendly functionality, which will be of great value to the insurance industry as a whole. In this context, insurers willing to adopt contemporary solutions that allow faster decisions are likely to have a competitive advantage, which will encourage the development and innovation of the sector.
The public consultation will be open for sending suggestions until May 25, 2021.
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