Developing Interface for Policies by Emerging Association
Frida e.V: A New Initiative for Open Insurance Data Exchange
The insurance sector is set for a revolution, as a new non-profit association named Frida e.V, has been established with the goal of improving the efficiency of insurance-relevant data exchange. The association aims to develop an open interface standard, similar to the PSD2 interfaces in Open Banking, to streamline data exchange between insurers, innovators, and end customers.
The Frida association, which has been registered in Germany, is spearheaded by three prominent figures in the insurance industry: Sebastian Langrehr from Friendsurance, Julius Kretz from the ALH Group, and Slobodan Pantelic from HDI Vertriebs AG.
According to Sebastian Langrehr, the current data exchange in the insurance sector is often slow, costly, inefficient, and company-specific. The Frida association seeks to address these challenges by providing open interface solutions to the insurance industry.
Julius Kretz from the ALH Group highlights the importance of enabling insurance customers to access their data easily and securely, strengthening their sovereignty. The association's vision is to enable insurance customers to give explicit consent for their data to be exchanged between actors, ensuring uninterrupted data flow with maximum data security.
The ALH Group, a founding member of Frida, is working on driving the topic of Open Insurance both domestically and internationally. In 2020, the ALH Group presented Frida at the European Forum for Innovation Facilitators. The association has already presented their work at the European Forum and provided input to an Open Insurance strategy paper by the European insurance authority EIOPA.
The Frida association's goal is to make these solutions freely available to insurance companies, intermediaries, innovators, and customers in Germany. Further cooperations and projects are planned both domestically and abroad by the ALH Group.
Slobodan Pantelic from HDI Vertrieb emphasizes the importance of efficient data flow for innovative business models in the insurance sector. Sebastian Langrehr of Friendsurance states that Frida is a unique initiative for developing uniform interface solutions in the German insurance industry.
While the search results do not contain explicit information about additional companies involved in the international expansion of the FRIDA initiative, it is clear that the association is working on the topic of Open Insurance on an international level.
In summary, the Frida association is a significant step towards modernizing the insurance sector by providing open interface solutions, ensuring data security, and giving insurance customers control over their data. The association's work is expected to have a profound impact on the insurance industry, both in Germany and internationally.
