Framework for open insurance strategy: insights from a European study
Standaert, Willem
Standaert, Willem
Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2022
Journal
The Geneva Papers on Risk and Insurance - Issues and Practice
Book
Publication Volume
47
Publication Issue
3
Publication Begin page
643
Publication End page
668
Publication Number of pages
Collections
Abstract
While some consider open insurance to be a buzzword with more hype than substance, the underlying trend of open finance stimulates insurers to use digital technology to exchange data with third parties to realise process efficiencies and develop new products and channels. Based on a literature review and 30 interviews with industry experts in Europe, we define open insurance, identify its key drivers, and discuss the dimensions and performance impact of open insurance strategy. The combined insights can help executives develop a better understanding of open insurance and formulate an open insurance strategy that provides performance benefits to them, customers, and third parties.
Research Projects
Organizational Units
Journal Issue
Keywords
Open insurance, Digitalisation, Data-enabled services, InsurTech, Big Tech, Regulation