Differences between banking and insurance Europe 2021

The key difference between banking and insurance that needs to be considered when implementing open insurance was the lower degree of standardization in insurance services, according to European insurance experts surveyed in early 2021. Approximately 56 percent of the respondents referred to this difference in their response. Open insurance refers to insurance-related personal and non-personal data and is usually accessed and shared via APIs.

Key difference between banking and insurance to be considered when implementing open insurance according to European insurance professionals in 2021

Characteristic	Share of respondents
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Release date

March 2022

More information

Region

Europe

Survey time period

January to April 2021

Number of respondents

54 respondents

Special properties

representatives of key players in the European insurance market

Supplementary notes

Multiple responses were accepted. The responses were published in the form of comments, which Statista then clustered and converted to numerical values.
The question was phrased by the source as follows: “what is the key difference between banking and insurance industry which is important to consider in light of open insurance implementation?“

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