At a glance – open insurance

A fully digitised, collaborative and service-driven insurance ecosystem

Open insurance goes hand in hand with the concept of insurance-as-a-service. This is the offering of selective, fully digitised insurance products on a subscription basis. For the consumer, this provides a highly personalised product which represents better value – as they only pay for what they need.

Yet insurance-as-a-service wouldn't be possible without an open insurance ecosystem. These kinds of characteristics can be seen in the banking world, thanks to the introduction of Open Banking, which allows customers to give third parties access to their financial information and thereby opens up the kinds of products and services they are able to use.

Similarly to open banking, open insurance involves a digital ecosystem, cross-sector collaboration, and the sharing of data to offer the best service to customers. This implicates not only the kinds of insurance products that are available, but also the way that insurers assess risk, and deliver their services. It enables them to collaborate with innovative companies via a digital platform, offering the consumer a diverse range of different services based around their life needs.

For traditional insurers, this raises questions around what part they want to play in a new, digitised and connected ecosystem. Do they want to develop their own platform, for example, or participate in that of another company?

In 2018, incumbent insurer Allianz announced that it was releasing its platform, the Allianz Business System, as open source software. The decision to open up the platform – which enables the company to offer its range of insurance policies in 15 different countries – was made to encourage collaboration and the development of the digital insurance ecosystem. It is an open marketplace which is able to offer consumers insurance products as well as value-added services.


Sarah final 3
Sarah Finch
Research and Insights Manager

Sarah is renowned for her ability to communicate complex concepts with clarity. She plays a central role in managing the insights programme at Foundry4.

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