Open Banking
In The Insurance
Industry

             


When the EU Commission introduced the Revised Payment Service Directive - PSD2, open banking acceleration in Europe and worldwide kickstarted. Open Banking is not a result of PSD2 but a culmination of much more significant and long-lasting trends across the digital economy. These trends are fuelled by innovations made by small and large tech companies in close combination with changes in consumer behaviour and expectations.

Furthermore, these trends have also been further accelerated. This is by the innovation and proliferation of open banking services through the fintech boom of recent years. But development and digitisation will not end there. As we move toward Open Data, it is clear that the insurance industry is facing many of the same challenges as banks.

At the same time, stand to benefit from the learnings and technological advancements made through Open Banking.


Open Banking for The Insurance Industry: What's It All About?

Insurance is the most regulated and competitive industry. Several insurance companies offer a broad range of insurance products and services, resulting in increased competition. Due to old-fashioned and fragmented legacy systems, insurance firms are burdened with high IT costs and poor data use.

There is a lot of movement in the insurance industry at this time. Digital transformation is no longer considered a science fiction concept. As new insurance solutions and open banking technologies develop, insurers understand the need to digitise their business operations to improve efficiency.

Today's insurance customers are seeking a smooth and personalised customer experience. To learn more about their customers via open banking, insurance companies may get insights into their risk aversion and preferences, which means different insurance products and their willingness to switch providers. Several open banking providers are available when looking for your insurance company's right open banking provider.

The right open banking provider will allow your company access to new opportunities without compromising its data integrity, trustworthiness, or security. Working with an open banking platform may help your insurance company whether you want to verify the identity of your customers or broaden your compensation options to profile them.

The Open Banking Opportunities For Insurers:

Open financing provides the most mature set of open banking APIs across Europe. Insurers can - with the right partners - tap into these and start building their capabilities for API integration. Foster innovation while at the same time leveraging the IT talent of their partners.

The open financing APIs can provide insurers with new opportunities to reduce operational costs. You can do this by tapping into the account-based payment improving processes through access to verified customer data, e.g. checking the validity of an IBAN before making a payout and processing payments.

Insurance payments services need open banking so the customer data can - with the consumer's consent, of course - also be explored to build up data-analytics capabilities. All without waiting for the in-house legacy migration projects to fix the lack of data access.

How Open Banking Is Used In Customer Engagement For Insurance

It's a contentious subject between insurance firms, intermediaries and their clients on how Insurance uses open banking. Insurance firms may leverage digital technology and data to improve their clients while increasing their bottom line.

Take the initiative on Open Banking right now! Agility, client focus, and new ideas are all highlighted in Open Banking. Financial institutions like insurers open the door to the digital era.

You may use your data and the newest online payments methods to improve your present procedures with Open Banking.

Deliver Personalised Experiences To Create Emotions End engagement

As a European leader in payments, Worldline has more than 50 years of experience in hosting and processing sensitive data. If data is the fuel, we are convinced that mastering Customer Interactions is the key to delivering personalised services in line with end users' expectations and lifestyles. We have developed a comprehensive set of skills and solutions to support financial institutions in their digital transformations to help you take up the challenge of moving towards personalised customer journeys and increased customer engagement. 

 


More tailored products through improved profiling


Easier customer onboarding through validated personal information


Improved consumer dialogues - allowing for pro-active advice based on purchases


Enhanced claim management processes


Improved Payment
and Flows

 


Enhanced Data Access


More efficient customer
dialogues

                             
     

From Open Banking to Open Data

The development has just started

                             

Open Banking, Beyond Banking

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How insurers and their

customers can start benefiting

from Open Banking

     

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Our Open Banking services for Insurance Companies

Conversational Platform

From omnichannel customer support to tailored financial coaching 

Trusted Interactions

Re-create trust and close client/advisor relationships 

Digital onboarding and Contract Solutions

Simplify the onboarding process and improve customer conversion rate while reducing related costs 

Green Banking

Sustainability as the new win/win ecosystem for banks 

TPP Access to Account TPP Services

Use PSD2 Access-to-Account 

WL Account Based Payments

Convenient and secure new payment method 

Credit Insight

Credit checking made fast and accurate with open banking 

Michael Steinbach, CEO at Worldline

As a pan-European player we think ahead and respond to the opportunities offered by European legislation. We have also done that for PSD2. That is why we can now support our clients, when they want to seize the opportunities that Open Banking brings them all across the European banking landscape, so they can be ahead of the competition thanks to the unique reach and industrial scale of our PSD2 offer

 

Open Banking is the answer to insurers’ challenges

Currently a hot topic in the financial market, Open Banking is the culmination of significant and long-lasting trends across the digital economy.

Read more ›
 

Open Banking Beyond Banking How Open Data offers a multitude of solutions to insurers

The development of Open Banking in Europe and the rest of the world has accelerated the trend of moving towards increasingly open access to all types of data.
Read more ›