Using open banking to create innovative bancassurance offerings and experience 

Open banking and application programming interface (API) led data discovery has the potential to transform the digital bancassurance landscape. We believe that insights from insurance and banking data, enabled by open banking APIs, coupled with information on life events such as the addition of a new family member or the purchase of a home or a car, can help reimagine digital bancassurance. Armed with these insights, banks can position suitable insurance products such as child insurance or lenders mortgage insurance (LMI) or car insurance at a time when customers are more likely to make a favorable decision. This offers banks an opportunity to deepen customer engagement and holistically meet end-to-end needs. Consequently, banks must prepare to take advantage of this opportunity by:

• Adopting new-age open banking led digital bancassurance models
• Building capabilities to proactively identify customer needs
• Positioning the right products to meet those needs