Open Insurance is Here: Exploring the Whys and Wherefores of the Future Insurance Business
This IDC Perspective explores the whys and wherefores of open insurance or connected-ecosystem-driven insurance business and provides an initial view of this emerging business model. It covers stories of some of the early movers as well as the industry's attitude and outlook toward open insurance."The time is right for insurers to consider the many benefits of open insurance or connected-ecosystem-driven insurance following the footsteps of open banking. Waiting for regulation to push this on them or for customers to switch to first movers is not wise. Delivering value-centric insurance products and services is no longer a nice-to-have. Insurers must act now or suffer the fate of the many high-street stores that were swept away in the whirlwind of digital disruption in retail," said Sabitha Majukumar, senior research analyst, IDC Financial Insights.
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