SUSEP publishes regulation for Open Insurance in Brazil

Thursday 22 July 2021 13:54 CET | News

The Superintendence of Private Insurance (SUSEP) has published guidelines for the implementation of the Open Insurance System, according to

The regulations aim at the development of the sector, guaranteeing consumers more security and control in accessing their data, expanding interoperability in the insurance market and the offer of products, as well as increasing opportunities for innovation. The rules establish conditions to allow consumers to access and share their data, whenever they wish, with other insurance companies or third parties, in a secure, agile, precise 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 Open Finance System. 

Susep's superintendent explains that making it possible for people to have access to financial and insurance services, as the Open Finance will enable, will reportedly transform society. Countless facilities may arise for consumers, whether individuals or companies, from the entry of insurance and pension products into the new model. One of the main facilities will be the consolidation of the consumer's financial life, which in addition to the accounts kept in financial or payment institutions, credit operations and investments, will include the consolidation of insurance, pension, or capitalisation products acquired from insurance companies, insurance entities open pension fund, or capitalisation companies, facilitating their organisation and planning. 

Another feature is the possibility of automated and consolidated access to service channels and networks related to products, service providers and the companies that sell these items, increasing consumer knowledge about the safe instrument, expanding the perception of advantages and opportunities arising from the mission it performs. The director of Susep explains that offers tailored to the consumer's profile can also be expected, in an agile manner, at the right time and under his control. 

This will only be possible through the integration of technology platforms and infrastructure. Open Insurance provides, along with Open Banking, the formation of Open Finance. Defined as the standardised sharing of data and services, Open Banking already provided for insurance and pension products distributed by the banking channel within its scope. Therefore, the regulation of Open Insurance within the insurance industry is essential for all insurance companies to participate in Open Finance, thus allowing their consumers to enjoy all the advantages that will be available with the ecosystem, such as: varied access to many products and services, tailored products for the consumer, transparency, agility, respect for privacy and security. 

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Keywords: insurance, regulation, Open Banking, Open Finance
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Brazil
This article is part of category

Banking & Fintech