Framework for open insurance strategy: insights from a European study

Willem Standaert () and Steve Muylle
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Willem Standaert: HEC Liège – Management School of the University of Liège
Steve Muylle: Vlerick Business School & Ghent University

The Geneva Papers on Risk and Insurance - Issues and Practice, 2022, vol. 47, issue 3, No 7, 643-668

Abstract: 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.

Keywords: Open insurance; Digitalisation; Data-enabled services; InsurTech; Big Tech; Regulation (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1057/s41288-022-00264-8

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