Open Insurance and Data Portability

The insurance industry is seeing early movement toward open insurance frameworks similar to open banking, including API connectivity between financial services, data sharing frameworks, PSD2/Open Banking influence, consumer-controlled data portability, and Banking-as-a-Service (BaaS) models adapted for insurance.

Analysis:

Open insurance could be transformative but is very early-stage. Startups building the data portability infrastructure, consent management, and API layers that enable open insurance have a potential first-mover advantage. The regulatory push toward data portability in banking suggests insurance will follow, though the timeline is uncertain.