EIOPA consults on an Open Insurance use case: an insurance dashboard

EIOPA has initiated a consultation on an Open Insurance use case, specifically focusing on the concept of an insurance dashboard. Open Insurance involves standardized data exchanges between different financial service providers. The consultation aims to explore the potential benefits and risks of Open Insurance, particularly in the context of an insurance dashboard.
The insurance dashboard use case is designed to offer consumers a centralized platform to view all their insurance policies and related information. It also allows insurance providers to present details about their products, enabling consumers to compare coverage and prices. This hypothetical dashboard is intended to address technical and supervisory challenges and explore how such a service might function in practice.
EIOPA’s Discussion Paper examines various aspects of the insurance dashboard use case, including data flows, stakeholder roles, standardization, interoperability, data protection, legal frameworks, implementation challenges, benefits, and risks. Stakeholders are encouraged to provide feedback through the consultation process until 24 October 2023, which will contribute to shaping supervisory perspectives on Open Insurance.
It’s important to note that EIOPA does not intend to develop the insurance dashboard mentioned in the paper, but rather aims to provide a theoretical yet concrete example for discussion and understanding within the supervisory community and among market participants. The insights gathered from this consultation will help inform the regulation and innovation of Open Insurance in the insurance sector. The paper also highlights that the use case is not directly related to the EC’s legislative proposal on FiDA (eventid=21815) and was prepared before the adoption of that proposal. The consultation process, however, could aid future technical discussions related to FiDA.