The financial services industry is at an inflexion point as it transitions to potentially new operating models underpinned by Open Data. We see interesting opportunities for organisations to win as they shape truly compelling and personalised customer experiences. With Banks going first there is a lot that Insurers can learn to fast follow. The Customer and Product Data Act 2025 (CDR) regulation came into effect in March and will pave the way for greater innovation through APIs, making it possible for customers to consent to share their information and unlock incredible new opportunities.
But what’s next? The CDR may soon extend to utilities and perhaps even insurance. This raises a crucial question: what does Open Data mean for the insurance industry?
To explore this, Deloitte recently hosted an InsurTech NZ event led by Kylie Bryant, Partner and Insurance Leader at Deloitte.
The panel included:
● Josh Daniell – Co-Founder at Akahu
● Laura Hillas – Manager at Deloitte in the Health Practice
● Tola Olatunji – Data Governance Lead at Partners Life
● David Leach – CEO of JAVLN
Each panellist brought a unique perspective to the table. Josh kicked off with insights into the current Open Banking landscape and the role of APIs in enhancing secure data sharing.
By examining international examples, the panellists agreed that we can draw valuable lessons. Laura shared a compelling use case from Health New Zealand, where data APIs are used to map underserved populations and improve healthcare delivery. Health is leading the way with First Healthcare Interoperability Resources (FHIR) is an open, global standard which defines how health data can be securely shared.
David highlighted the potential for insurers to integrate data, drawing on his previous experience in a similar role. He stressed that insurance can learn a lot from other sectors.
Tola emphasised the importance of governance and data integrity, advocating for clear and ethical practices in data usage. She also underscored the need for informed consent, ensuring that clients are fully aware of how their data is used.
Throughout the discussion, various examples of Open Data in insurance were presented, such as quick quotes, financial underwriting and claims. The consensus was clear: the opportunities are vast, and the key is to innovate with integrity.
In conclusion, the panellists advised the insurance industry to draw on inspiration from other sectors, embark on experimental initiatives, uphold ethical standards, and nurture a culture of continuous innovation.
By Kylie Bryant, Partner and Insurance Leader at Deloitte
