Following the recent publication of a report on open finance by the European Commission’s Expert Group on a European Financial Data Space, Insurance Europe has published an insight briefing which reiterates the industry’s key messages on this important topic.
The insight briefing emphasises:
- The need for a level playing field in terms of access to data between insurers and new market entrants and the principle of “same activity, same risks, same rules”.
- The importance of consent-based data sharing and a clear focus on the consumer’s willingness to share their data.
- The need to avoid a copy paste of the revised Payment Services Directive (PSD2). Rather lessons should be learned from a thorough analysis of its impact and of its costs versus its benefits.
- A cross-sectoral approach on data-access and data-sharing, which takes into consideration all sectors of society.