InsurTech

Collaboration between insurers and InsurTech

In line with the 2022-2024 course, the Association encourages cooperation between insurers and InsurTech companies. We do this through the open Platform InsurTech. In this platform, InsurTech companies and insurers meet.

Our ambition is to bring insurers, technology start-ups and related industries together to continuously improve the customer relationship with innovative, technological products and services. Through our diverse network of partners, associate partners and insurers, ideas come to fruition, we strengthen collaboration and learn from each other.

Partnership with InsurTech Hubs

The Association has a Memorandum of Understanding with the InsurTech Hub Munich. Based on this, we exchange information on regional developments, innovation trends, accelerator programmes and the setting up of joint innovation projects. In addition, we help each other to welcome InsurTech start-ups within the insurance industry. The Association is also actively involved in the Meetups of InsurTech Amsterdam. In addition, the Association has a structural partnership with Plug and Play InsurTech, the innovation platform from Silicon Valley/Munich.

Would you like to participate in the InsurTech Platform or organise an InsurTech Amsterdam Meetup? Please contact Harold Mahadew.

Open Insurance

The possibilities for using and exchanging data are enormous. Just think of the rise of ChatGTP. Insurers can respond to this with Open Insurance, or data sharing. This involves data from insurers and gaining access to data from other sectors. Sharing data between insurers and customers offers several advantages:

• Insurers can better assess risks, offer customised products, and handle claims more efficiently.
• Customers benefit from personalised coverage, risk prevention, and innovative services. This promotes customer satisfaction, efficiency and prevention.

Insurers must be very careful about privacy and security issues in order to protect customers' data and comply with regulatory requirements. The government is working on legislation for data sharing based on the principle that the customer has control over his or her data.

Exploration of Open Insurance

In order to identify the opportunities and risks of data sharing, INNOPAY conducted an exploration for the Association. INNOPAY has spoken with insurers, the Ministry of Finance, the AFM and DNB. The Association has used the results to determine a position with a view to upcoming European legislation on Open Data. In a European context, this is usually referred to as 'Open Finance'.

The Association believes that an Open Insurance framework should consist of several building blocks, in which non-financial data are also given a place. The aim is to create an environment in which insurers and other market parties can work together. It is important to keep an eye on the relationship with other relevant European legislation such as the Data Act and the Digital Markets Act. The Open Insurance legislation is planned for 2024.

In addition to the above, the Association is committed to:

• Scope: Keep the (legal) scope of data sharing small at the start to gain experience. Start with non-life insurance and only then life insurance.
• A level playing field and data reciprocity (including cross-sectoral) are essential conditions that must be safeguarded by law and enforced in practice: all parties involved must benefit from data sharing.
• Address specific risks in the insurance sector: data sharing should not lead to uninsurability.
• API standardisation (linking technological systems): lay down in legislation the minimum requirements that APIs must comply with. Its operationalisation should be left to the market.
• If an insurer opts for Open Insurance propositions, the framework applies.
• Ensure that Third Party Providers develop and distribute Open Insurance products are required to be licensed. A financing model should also be developed, whereby new players are obliged to finance the framework according to their nature and size (not only licence application, but also the ongoing (supervision) costs).
• It is important that 'hygiene factors' such as the Ethical Framework also apply to parties that are not insurers. Preferably regulated by legislation.
• Launch a testing ground (Regulatory Sandbox 2.0) to experiment with Open Insurance cases and thus remove barriers.