Open Insurance Market Analysis, Key Trends and Strategies, Line of Business and Future Implications
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Open Insurance Market Overview
Open insurance is an emerging model of insurance whereby insurers can improve efficiencies, revenues, and business partnerships by sharing data resources with other organizations. This model allows insurers to create new value-added services and propositions for customers, strengthen relationships, diversify revenue streams, and bring their products into the digital era.
Insurers must accelerate their digital capabilities to meet the modern demands of both consumers and tech-driven ecosystem orchestrators.
The Open Insurance Ecosystem
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Open insurance is primarily built using APIs, which allow two organizations to securely share data, such as policy information or bank details.
Key Trends | · Open banking
· Embedded insurance · E-commerce and mobile commerce · Artificial intelligence (AI) and machine learning |
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Open Insurance Business Model Overview
The open insurance business model comprises three primary elements:
- Share: The potential to share insights from proprietary data, often monetizing it. Insurers have access to huge amounts of self-collated data, much of which has significant value to third-party players. Sharing this data can allow a third party to provide its service to the customer more efficiently, creating a strong value-add proposition from said customer’s point of view.
- Collaborate: Working together with external partners to provide innovative value-added services. Offering third-party services to clients through the ecosystem in which open insurance operates adds significant value to the customer’s insurance product.
- Consume: Connect to external data and services to get deeper insights and provide a better experience.
Open Insurance Market Trends
Open insurance is primarily a digital trend. Changing customer demands – both for fully digital but more all-encompassing services, as well as improved service levels – are forcing insurers to modernize their services at unprecedented rates. The key trends impacting this industry are open banking, embedded insurance, e-commerce and mobile commerce, artificial intelligence (AI), and machine learning among others.
Embedded insurance: Embedded insurance is the bundling of insurance or protection within the purchase of a third-party good or service. Open insurance is a key driver behind this related trend in insurance distribution – effectively the process by which insurance can be embedded into third-party platforms and sites. Opening the industry up to widespread collaboration and data-sharing with third parties will ultimately be the driving force behind the next generation of insurance. This will create new business and revenue opportunities, as well as strengthen insurers’ relationships with their customers.
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Reasons to Buy
- Determine the key trends driving open insurance across the industry.
- Analyze the market opportunities open insurance and digital ecosystems present for innovative and forward-looking insurance players.
- Access the impact of open banking for enhanced open insurance strategies.
- Identify market leaders in the open insurance sector.
Ping An
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Moneybox
Discovery
Zurich
Garmin
Vitality
Alipay
Paytm
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Frequently asked questions
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What is open insurance?
Open insurance allows insurers to create new value-added services and propositions for customers, strengthen relationships, diversify revenue streams, and bring their products into the digital era.
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What are the key trends driving the open insurance market?
The key trends impacting the open insurance sector are open banking, embedded insurance, e-commerce and mobile commerce, artificial intelligence (AI), and machine learning among others.
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What are the three primary elements of the open insurance business model?
To successfully operate the open insurance business model, the three primary elements that must be addressed by carriers are sharing insights from proprietary data, consuming external data and services to get deeper insights, and collaborating with external partners to provide innovative value-added services.
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