The Role of Smart Regulation in Innovation

Written by Fouad Husseini, founder at Robosque and The Open Insurance Initiative

Currently, there are hardly any vibrant collaborative insurance ecosystems relying on open interfaces. The entry barriers are high, and the potential gain is low for individual stakeholders to force change. Not surprisingly, for industry insiders, regulation has a big role to play. In the last part in the series we focus on how automating the compliance and regulatory reporting function could introduce more innovation.

A key advantage for an insurance platform would be to allow extended functionality enabling dynamic discovery, orchestration, and negotiation of services to facilitate business. In practice, negotiation of commercial insurance coverage or that of facultative reinsurance agreements has traditionally been carried out in analogue form. This may involve exchanging files of statistics and supporting documents, email correspondence and probably few phone calls and several days of waiting for a response from underwriters and brokers. …

Managing Collective Contribution

Written by Fouad Husseini, founder at Robosque and The Open Insurance Initiative

The real value of Open Insurance is unlocked through developing great use cases and fostering diverse partnership opportunities. These elements are integral to insurance platform ecosystem thinking. But the most defining aspect of ecosystems is the level of coordination and self-organization that is enabled by standards and compatibility.

For the community of companies supporting the initiative, this resonates with the need to organize and grow organically.

The first part in this series of articles described the backdrop of an industry in the midst of a paradigm shift; from insular predilection to open interfaces and co-innovation. Understanding the Risks and Challenges of Open Insurance was the title of the second part and explored more than thirty emergent primary vectors of risks. …

Understanding the Risks and Challenges of Open Insurance

Written by Fouad Husseini, founder at Robosque and The Open Insurance Initiative

The first whitepaper of the Open Insurance initiative focused on the importance of securing open interfaces to protect the interests of consumers. Open Insurance reinforces consumers rights in sharing access to their data using a safe and secure consent-based mechanism.

To date, much of the focus on Open Insurance revolved around the benefits and advantages that open interfaces could introduce. For instance, reimagining the relationship between consumers and institutions, or improving consumers’ financial health and enhancing the productivity of SMEs.

Just as important as learning about the good side is, it is vital that the primary risks and side effects are also evaluated to galvanize our knowledge of open insurance adoption. Chiefly, as insurance APIs and ML proliferate, innovators must guard against and ensure that policyholders are fairly treated and appropriately protected when the implications of technological innovations are uncertain. …

Setting the Stage for Open Collaboration

Written by Fouad Husseini, founder at Robosque and The Open Insurance Initiative

Developments in the financial markets are increasingly driven by data and technology. Not surprising then that the nature and depth of the relationship with the customer is being redefined beyond recognition by platform organizations.

Open data projects, open source software and open innovation toolkits mean knowledge and ideas are generated, tested, and eventually deployed in production environments at racing speeds.

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The insurance market is entering a new phase of opening access to data and functionality

Perhaps the one attribute that is increasingly defining financial platforms is the increasing number of collaborative ecosystems reinforcing relational learning. High-growth entrepreneurial ecosystems are importing ideas and inventing new ones to fortify their platforms. …

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Prediction markets (PMs) as a concept is not new. In relying on the collective wisdom of the crowd, they have been used as tools for generating accurate forecasting information in order to hedge against real-world risks and for making trading gains. Their most common use has been in forecasting sport, political or economic events. Examples of such markets include PredictWise, The Iowa Electronic Markets and BetFair.

The futures and options financial markets are similar in concept but there are distinct differences. Futures and options are treated as financial derivatives, exchange-traded and created for the purpose of managing risks of currency and interest rate swings i.e. financial uncertainty. These markets are hitherto tightly regulated by the relevant financial authorities. …

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The first whitepaper of The Open Insurance Initiative, promised that a series of research papers will be published to develop the concept of an international open standard for open application interfaces (APIs) in the insurance sector. This article coincides with launch of the second whitepaper, aptly titled, “Open Insurance: a foundation for platform ecosystems”.

All signs to date indicate that we are at the nascent stages of open API adoption in the sector. …

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Written by Emmelyn Wang, API Strategist at Axway. This article was fist published in the Tech Lab section of The Open Insurance Initiative.

This three-part series, describes three characteristics of a potential Open Insurance framework and how open APIs could transform the business ecosystem. These characteristics are grouped under, Availability, Experience and Results and henceforth, they are individually examined to provide a broad understanding of how they cause open APIs to flourish. …

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Written by Jarkko Moilanen, PhD. Platform of Trust Developer eXperience Lead.

Written by Jarkko Moilanen, PhD. Platform of Trust Developer eXperience Lead

While developing the Platform of Trust Developer eXperience, I’ve come to situations in which I or someone from the team wonders would some idea be inline with the goals we have with Developer eXperience (DX). Platform of Trust offers easy APIs driven access to standardised data flows, reduces vendor-locks and minimizes the need for costly integration projects. In a nutshell the platform is about connecting data providers (left) and application developers (right). …

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Written by Nadia Davis, MBA. Brand Marketing Manager, Price Digests (a brand of Informa Intelligence)

24/7 availability, an ever- increasing connectivity, and reliance on data — these are trends that define today’s enterprise environment. Application Programming Interfaces, also shortened to APIs, are the snippets of code that allow software applications to interact in a common language and are ever more present in today’s consumer and business environments. Web APIs allow businesses to access 3rd-party data and seamlessly integrate it anywhere and anytime it’s required, offering unmatched data processing efficiencies and cost savings. …

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Written by Alan Glickenhouse, Digital Transformation Business Strategist at IBM.

To misquote a famous old saying, “no business is an island”.

Recently I have seen a significant uptick in the number of questions regarding platforms, ecosystems and marketplaces — several related topics that deal with multiple businesses working together.

What about ‘platform’? The term API platform has two related but very different definitions. If you search on “API platform definition” you will find some results that describe an API management platform that help a company build, manage, and secure APIs.

The second definition as supplied by Rhys Fisher is:

an organization which brings together two or more distinct, but interdependent groups, through a programmatically consumable service or an Application Programming Interface (API), creating a foundation for automated interactions between them. These organization expose data and/or capabilities to become the defacto way by which others conduct their business; they are used as verbs in conversation; they are a catalyst for multi market disruptions; and they are what smart leaders want to become!


Fouad Husseini

Founder at The Open Insurance Initiative. Author of “The Insurance Field Book”. An insurance transformation strategist.

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