The first release of the blueprint has been the result of the collaborative effort of the OPIN community members. Collaboration characterizes the key value proposition of the whitepaper of the Open Insurance Initiative, and is something that OPIN will be exploring further with a range of new projects.

The OPIN blueprint will provide early adopters with a free and accessible data standard that scales in scope and one that fosters polygamous partnerships with myriads of ecosystems.

The working document is being made accessible to the largest possible audience embracing wider exploration and validation. …

Written by Fouad Husseini, founder at the open insurance think tank.

For me it is exciting to witness the growing interest in the open insurance initiative which has always been a community driven project. The initiative has been transformed into an influential think tank creating a global environment for players from different domains to work together and define the shape of interoperability and compatibility.

The scale that the initiative has been growing at has been phenomenal and so has its output. …

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…

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…

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…

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.

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…

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…

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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. …

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. …

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). …

Fouad Husseini

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

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