Open Insurance: FRIDA spawns innovation
There has been BiPRO* and GDV**. Now, there is FRIDA, too. The objective of the FRIDA initiative is to add additional elements to the existing standards for the exchange of data. FRIDA’s focus is on customer-oriented processes and use cases. BSI recently joined the FRIDA initiative as a partner company because we believe in the future of open insurance and the power of customer-oriented collaboration.
The background: Digital ecosystems to gain ground in the insurance industry
Digital ecosystems are becoming more and more important – in the insurance industry too. As a result, insurers must rethink their approach to meet regulatory requirements and customer expectations, which includes creating a more flexible organizational structure, opening up their IT structure and coordinating resources with other collaboration partners in the network. Companies need to have answers to the following key questions:
- Are we, as a company, equipped for this change (corporate culture, employee skill sets and technology stack)?
- How do we position ourselves strategically in terms of ecosystems?
The initiative: Who or what is FRIDA?
FRIDA stands for Free Insurance Data Initiative. Through FRIDA, insurance data is to flow through digital ecosystems, which means the initiative promotes and establishes open standards in the digital insurance market and related business areas. It relies on the organized collaboration between insurers and policyholders and other digital ecosystem players. FRIDA supports insurers and their partners with customer-oriented use cases in the digitization process, thus cutting operating and process costs. It drives all market participants to collaborate transparently, while data sovereignty lies with the consumer.
At BSI, we are happy to support this initiative.
*BiPRO = Brancheninstitut für Prozessoptimierung (Industry Institute for Process Improvement)
**GDV = Gesamtverband der deutschen Versicherungswirtschaft (German Insurance Association)