The road to open finance

Open finance is an opportunity to build on the concept of Open Banking and allow consumers and SMEs to share their data with Third Party Providers (TPPs) who can use the data made available to develop innovative products and services for their customers. Insurers should be at the forefront of this development with opportunities for more accurate underwriting and better service delivery for customers. The insurance industry can use open finance to deliver customized and personalized products and enhance customer experience through personalized product pricing and gap analysis. The whitepaper co-written by EXL and Moneyhub explores the challenges, opportunities and next steps for the insurance industry.

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