Developing a transparent platform for policy implementation by a new coalition.

The insurance sector in Germany is set to experience a new level of professionalization with the founding of Frida e.V. This innovative association, established by Insurtech Friendsurance and the ALH Group, aims to provide uniform interface solutions for insurance companies, intermediaries, innovators, and customers, all at no cost.

Frida e.V is not just a local endeavour; it's a collaborative effort on an international scale, with the ALH Group, Friendsurance, HDI, and seven other companies forming its founding members. Together, they are driving the topic of Open Insurance, which, although still in its infancy compared to Open Banking, promises to revolutionize the insurance industry.

The exchange of data between insurers, innovators, and end customers is often slow, costly, inefficient, and company-specific. Frida aims to change this by making the exchange of insurance-relevant data more efficient and developing an open interface standard in the insurance sector, comparable to the PSD2 interfaces in Open Banking.

Frida's work has already gained recognition, with presentations at the European Forum for Innovation Facilitators in 2020. Furthermore, the association has provided input to an Open Insurance strategy paper by the European insurance authority EIOPA, indicating international collaboration in the field of Open Insurance.

The leadership group within Frida e.V. active in 2022 is called the "Frida Leadership Circle." This esteemed group includes companies like Bayer, Deutsche Telekom, and Bosch. The board of the new association consists of Julius Kretz from the ALH Group, Slobodan Pantelic from HDI-Vertriebs AG, and Sebastian Langrehr from Friendsurance.

Julius Kretz emphasizes the importance of customer consent via Opt-In for insurance data to be exchanged between actors in the insurance industry. He also highlights the goal of Frida to enable easy and secure access to insurance data for customers, enhancing their sovereignty. Slobodan Pantelic from HDI-Vertrieb underscores the necessity of industry-wide standards for efficient data flow in the insurance sector.

In addition to developing an open interface standard, Frida is actively working on the topic of Open Insurance on an international level. The association is also planning further cooperations and projects in Germany and abroad to support insurers in their digitalization process and create use cases for the insurance industry.

Frida is a unique initiative and coalition of like-minded companies with the vision of developing uniform interface solutions and making them available to the insurance industry in Germany free of charge. This move towards Open Insurance promises to bring about a more efficient, customer-centric, and interconnected insurance sector in the future.