Most European insurance experts believed that open insurance will develop without regulatory intervention unlike open banking. Open banking developed as a result of Payment Services Directive Two (PSD2), which was EU legislation which required payment service providers to increase the security of customer authentication processes and helped banking services implement new technologies. However, 35 percent of the respondents believed that open insurance will develop in a similar manner with regulatory intervention. Open insurance refers to insurance-related personal and non-personal data and is usually accessed and shared via APIs.
Share of European insurance experts who believe open insurance will develop without any regulatory intervention in 2021
representatives of key players in the European insurance market
Supplementary notes
The responses were published in the form of comments, which Statista then clustered and converted to numerical values.
The question was phrased by the source as follows: “do you think open insurance will develop without any regulatory intervention? (e.g. without PSD2 type of compulsory data sharing provisions).“
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Statista. (March 1, 2022). Share of European insurance experts who believe open insurance will develop without any regulatory intervention in 2021 [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1331886/open-insurance-regulatory-intervention/
Statista. "Share of European insurance experts who believe open insurance will develop without any regulatory intervention in 2021." Chart. March 1, 2022. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1331886/open-insurance-regulatory-intervention/
Statista. (2022). Share of European insurance experts who believe open insurance will develop without any regulatory intervention in 2021. Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1331886/open-insurance-regulatory-intervention/
Statista. "Share of European Insurance Experts Who Believe Open Insurance Will Develop without Any Regulatory Intervention in 2021." Statista, Statista Inc., 1 Mar 2022, https://www.statista.com/statistics/1331886/open-insurance-regulatory-intervention/
Statista, Share of European insurance experts who believe open insurance will develop without any regulatory intervention in 2021 Statista, https://www.statista.com/statistics/1331886/open-insurance-regulatory-intervention/ (last visited December 22, 2024)
Share of European insurance experts who believe open insurance will develop without any regulatory intervention in 2021 [Graph], Statista, March 1, 2022. [Online]. Available: https://www.statista.com/statistics/1331886/open-insurance-regulatory-intervention/
