Opportunities for innovation in Europe’s emerging regulatory landscape

INNOVATE THIS 2024 Unwrapped with Marie Walker, Open Futurist, Raidiam

Marie Walker kicked off her presentation at INNOVATE THIS 2024 with one word: WOW.

And wow, indeed! Our attendees were treated to an engaging and insightful deep dive into how the Financial Data Access (FIDA) framework is set to revolutionise customer data sharing, spark innovation, and transform customer experiences across the travel and health insurance sectors.

Reframing regulation, not as a roadblock but as a differentiator, Marie showed how the evolving regulatory framework is a catalyst for smarter, more customer-centric solutions that build trust and long-term value.

Marie explored the role of open finance in transforming financial services – and what the insurance industry can learn from the experiences of the banking sector to streamline the adoption of open insurance principles.

She also discussed how open insurance can drive operational efficiency. With access to reliable, permissioned data from multiple sources, insurers can streamline underwriting and claims processes, reduce fraud risk, and provide quicker, smoother customer journeys.

Shared standards are needed to to drive innovation in the industry. But by giving individuals control over their financial data and the ability to share it securely with chosen providers, insurers can develop more personalised, responsive, and relevant products.