Gartner Open Banking Initiatives

What Insurers Can Learn From Open Banking

While the insurance industry doesn’t face regulation driving the use of open APIs, there are still many strategic advantages that they can offer.

Gartner writes, “open APIs represent a long-term strategic enabler for an insurer’s digital business technology platform vision that will underpin the development of new business models, products and services. Insurance CIOs who plan to invest in open APIs should learn from their banking peers’ experiences with open banking APIs.”

Download this Gartner Report for the five best practices from open banking, such as:

  • Business Models: Justify Additional Design and Governance by Leveraging Evidence of Future Business Value and Shifting the IT Focus*
  • Partner Engagement: Help Valued Partners Experiment With Creating New Open API-Based Services and Business Models*
  • Consumer Privacy and Security: Adopt a Continuous Approach to API Security Across the Development and Delivery Cycle*
  • Performance and Scalability: Anticipate Usage Volumes to Avoid Misalignments and Reduce the Chance of Missing SLA Targets*
  • API Marketplaces or API Aggregators: Use Full Life Cycle Management to Prepare for Future Engagement and API Deployment*

Read more about these recommendations by downloading the full report.

*Source: Gartner: 5 Best Practices Insurance CIOs Can Adopt From Open Banking Initiatives to Shape Their API Strategy, Sham Gill, 12 June 2020.

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