Open insurance: with or without regulatory intervention Europe 2021
Most European insurance experts believed that open insurance will develop without regulatory intervention unlike open banking. Open banking developed as a result of Payment Services Directive Two (PSD2), which was EU legislation which required payment service providers to increase the security of customer authentication processes and helped banking services implement new technologies. However, 35 percent of the respondents believed that open insurance will develop in a similar manner with regulatory intervention. Open insurance refers to insurance-related personal and non-personal data and is usually accessed and shared via APIs.