Open Insurance Market Analysis, Key Trends and Strategies, Line of Business and Future Implications

Open Insurance Market Analysis, Key Trends and Strategies, Line of Business and Future Implications

Summary

This report explores the burgeoning open insurance space. It identifies the key trends driving open insurance, while also discussing how the insurance industry should look to the lessons provided by open banking. In addition, the report identifies a handful of market leaders and explores how they have achieved success in this space.Open insurance is an emerging model of insurance whereby insurers can improve efficiencies, revenues, and business partnerships through the opening up or sharing of data resources with other organizations. This process is largely achieved through APIs, allowing insurers to embed their products into other related third-party goods and services. This model creates new revenue streams and stronger cross-sector relationships for insurance companies while also improving and creating new value-added services for customers.

Scope

• According to GlobalData’s 2022 UK Insurance Consumer Survey, consumers under the age of 40 are more likely to be willing to share smart home device data, with 58.1% of consumers likely to share their data.
• As per the same survey, 66.2% of consumers indicated that they would be willing to share data from smart home devices in return for financial savings.
• Chinese insurer Ping An has developed a market-leading digital ecosystem based on the principles of open insurance.

Reasons to Buy

• Determine the key trends driving open insurance across the industry.
• See how the growth of open insurance and digital ecosystems presents a major opportunity for
innovative and forward-looking insurance players.
• Learn from the impact of open banking to better inform your open insurance strategy.
• Benchmark yourself against leaders in the open insurance sector and identify ways in which they have created market-leading digital ecosystems.