Open Insurance is an initiative to drive standard in interoperability and compatibility in the Insurance market. The recently released OPIN Blueprint is the first step towards this and includes proposals for the development of a data standard.
The value of Open Standards is that they encourage and support ecosystems. Open standards you may be familiar with are email, HTML, TCP/IP and basically all of the plumbing of the Internet. Increasingly Open Standards are being created further up the application stack, Open Banking being a prime example.
As an organisation, House of Insurtech strongly supports open standards, both philosophically and as a way to deal with some of the problems with legacy systems.
Our involvement to date has been to align our data models and APIs with the OPIN proposed standards.
We started out involvement by adopting the OPIN standard for Claims. This means that our Claims APIs conform to the data standards in the Blueprint where it applies to Claims.
Subsequently, we have added elements of our Motor Insurance data model to the OPIN standard.
We are currently extending our Motor Insurance data model to be OPIN compliant and hopefully provide a reference implementation.
We are pleased to be able to support Fouad and the rest of the team in their endeavours.