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Data sharing is caring: But what types of data should be shared?


Open finance may include everything from savings and payments to investments and insurance and is the natural next step on data sharing within financial services. In our second blog post, we will dissect what insurance data should be shared, how it could be used, and how we can collectively strike the right balance between future proof rules and instant benefits.

Why is financial data sharing paramount? Data sharing has a primary goal: more relevant and digitally available financial products for the consumer. By being able to improve the user experience, companies can benefit from better customer retention, more efficient internal processes, and improved customer service. Data sharing will lead to a more transparent industry, unlocking significant value for all parties involved. As the world becomes powered by digital transformation, data access and how to use it efficiently is becoming exponentially important.


So what types of data should be shared?

Principally, consumers and customers should have access to data they have provided to a company as well as data describing the product/service they have purchased from a company. The exact definition of such data is industry dependent. With respect to the insurance industry, we believe that at least three categories of data should be available for a consumer to share. 

  • Data describing the customer which the company has collected from the consumer (e.g. name, date of birth,  identifiers,  contact details, etc.)
  • Data describing the insurance policy a customer has purchased (policy name, policy price, add-ons, expiration/renewal date, # of claims submitted, etc)
  • Data describing the insured asset (e.g. a car’s brand/model, registration number, purchase date, etc.)

Certain data categories should never be opened up. Largely, these can be viewed as a company's IP. Examples of this include pricing models/tarifs, customer risk scores, claims approval models, etc. There are additional data categories which are not mentioned here, and their inclusion/exclusion within a data sharing initiative should be up for discussion. An example of these is detailed data on a customer's claims history (e.g. claims application, decision, justification, evidence, customer conversations). 

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Which use cases of data sharing create value?

Upcoming rules should enable a customer-friendly and intuitive journey for users, while keeping the scope of data opened small. Rules should promote competition by allowing customers to access their data for their own benefit.  

The following use cases are clear examples of where data-sharing creates value. These instances should be prioritized:



In the world of insurance, data sharing brings out the best of the insurance industry for all parties involved;it is a true win-win solution for companies as well as consumers. Our reflection on data sharing mirrors our recent discussions with key stakeholders on open finance, which are so important in these early stages.

We will continue engaging with all relevant stakeholders in the open finance ecosystem, initiating fruitful discussions on the upcoming framework for open finance – one that, hopefully, will both empower consumers and pave the way for innovation.

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