The INNOPAY Open Insurance Monitor

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The INNOPAY Open Insurance Monitor
The INNOPAY Open Insurance Monitor

Measuring Open Insurance performance – January 2021 – version 1.0

INNOPAY – January 2021
The INNOPAY Open Insurance Monitor
Do not hesitate to get in contact with us!

                     Maarten Bakker                        Mounaim Cortet                     Marnix de Kroon
                     Director                              Senior Manager Strategy            Consultant
                     Lead Open Insurance & Data            Lead PSD2 & Open Banking           Open Insurance Expert
                     Sharing

                     maarten.bakker@innopay.com            mounaim.cortet@innopay.com         marnix.dekroon@innopay.com
                     +316 10 98 14 31                      +316 41 76 86 51                   +316 34 82 20 57

Do not hesitate to get in contact with us!
 • If you would like to explore opportunities to get your own Open Insurance transformation
   started, do not hesitate to contact Maarten Bakker or Mounaim Cortet

 • INNOPAY’s Open Insurance Monitor assesses publicly available developer portals with
   insurance APIs. If your organisation is not included in the Open Insurance Monitor yet,
   send an email to Marnix de Kroon
The INNOPAY Open Insurance Monitor
This document

1   About INNOPAY

2   Open Insurance Monitor

3   Open Insurance bancassurance use case – Embedded Insurance

3    INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
The INNOPAY Open Insurance Monitor
1   About INNOPAY
The INNOPAY Open Insurance Monitor
INNOPAY, expert in digital transactions…

     •       Founded in 2002
     •       60+ consultants                                                                                                   Berlin
                                                                                                                   Amsterdam
     •       Strategy, product development and execution in
             business, technology and regulation                                                                               Frankfurt
     •       Strong track record in Digital Ecosystems and Open
             Finance transformation projects
     •       Offices in Amsterdam, Frankfurt and Berlin
     •       Focus on EU but global footprint (e.g. Australia, US)
     •       Founding member of HollandFintech

55       Title –INNOPAY
                 subtitle. Author(s) - date in full.
                             Open Insurance          © Innopay
                                                 Monitor.      BV. All2021.
                                                           January     rights©reserved.
                                                                                INNOPAY BV. All rights reserved.
The INNOPAY Open Insurance Monitor
… and ‘thought leader’ in this domain of digital transactions:
Payments, Digital Identity, Open Banking / PSD2 & Open Insurance
      INNOPAY Innsider               INNOPAY Innsider               INNOPAY Innsider             INNOPAY Innsider            INNOPAY Innsider          INNOPAY Innsider
      December 2020                  October 2020                   September 2020               August 2020                 August 2020               November 2019

    Why banks must evolve         Six criteria for selecting an   How much Open Banking        Why banks must become       Open Banking Monitor:     PSD2 and Open Banking
    their operating model to      API connectivity provider       budget is future relevance   the data custodian in the   What is happening in      Use Cases for Insurers in
    capitalise on Open            to power your PSD2              worth to you?                data economy                Open Banking?             an Open Data Economy
    Banking opportunities         opportunities

      INNOPAY Innsider              INNOPAY Innsider               INNOPAY                      INNOPAY Innsider             INNOPAY Innsider
     November 2019                  Summer edition                 Book of Insights 2019        June 2018                    March 2018

    Data? It’s all about access   Is Embedded Insurance           Is “Open Insurance” the      Digital consent             Insurance and the Open    And more
                                  the killer app for mobile       next Uber of the industry?   management is key for       Banking wave: seven use
                                  banking?                                                     data opportunities          cases

6          INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
The INNOPAY Open Insurance Monitor
INNOPAY supports its Financial Services clients in capturing the
value of Digital Ecosystems and Open Finance transformation…
                                                                                                             Strategy & Business Case development
         Licensing
• Source:
    HolisticINNOPAY       analysis
             approach to acquire and retain (e.g.            11                                          1   Definition of platform, digital ecosystem and Open
                                                                                                             Finance strategy, business model and business
         PSD2 AIS/PIS licence)
                                                                                                             case

         INNOPAY Use Case Experience Lab                                                                     Partnership & Ecosystem data mapping
         Design, create and realize use cases to             10                                              Tooling and service to identify all relationships (e.g.
                                                                                                         2
         showcase and capture the value of                                    OPEN FINANCE                   legal, technical, business etc.) needed to deliver on
         a partnership, digital ecosystem or open finance                       & DIGITAL                    a digital partnership or ecosystem.
                                                                               ECOSYTEM
                                                                                SERVICES                     Security & Compliance support
         INNOPAY Academy
                                                             9                                           3   Regulation tracking & interpretation, compliance
         Tailored training & coaching on key topics                                                          design, “health check” and expert support

         Digital Ecosystem & Open Finance value                                                              API portfolio definition & roadmap
         office                                              8                                           4   Prioritisation of API portfolio (Retail/Corporate) to
                                                                    6                                        support ecosystems, use cases & business case
         Assess and quantify value pools and define KPIs                Global Open Finance
         to measure open finance ecosystem outcomes                                                          development
                                                                        developer portal
         Target operating model design                                  benchmark                            Project management & Implementation
         Design activity based view and holistic operating   7          Benchmark assessment of 60+      5   Project management and developer services for
         model required for Open Banking and Insurance                  developer portal capabilities,       your platform, digital ecosystem and open finance
         business                                                       incl. peer analysis                  transformation projects
    Source: INNOPAY analysis
7         INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
The INNOPAY Open Insurance Monitor
…supported by in-depth research and benchmarks

                                                                                                                                                                                                                                                                                                                                                                                                Embedded Insurance
                       Open Banking Monitor                                                                                                                                           Ecosystem Frameworks                                                                                            TPP Radar                                                   Open Insurance Monitor        Lighthouse

                                                                                                                                                                                          Market as
                    Rich API scope

                                                                                                                                                                                                                                                                                                         September 2020         29
                                                            Innovators in Functionality                                                      Masters in Openness                                                                                              Regulator
                                                                                                                                                                                      scheme builder
                                                                                                                                                                                                                                                              as leader                                     AIS/PIS: 2               AIS               AIS: 5
                                                                                                                                                                                                                   High standardisation                                                                                              PIS       187
                                                                                                                                                                                                                                                                                                                                                       PIS: 1
                                                                                                                                                                                                                                                                                                                                                     AIS/PIS: 3
                                                                                                                                                                                                                                                                                                              AIS: 13     164        AIS/PIS
                                                                                                                                                                                                                                                                                                              PIS: 3                                   AIS: 1
                                                                                                                                                                                                                                          Mexico                                                            AIS/PIS: 10                                PIS: 2
                                                                                                                                                                                                                                                                                                                                                     AIS/PIS: 2
                                                                                                                                                                                                              New Zealand                                                                                    AIS: 106
                                                                                                                                                                                                                                                 Australia                                                    PIS: 12
                                                                                                                                                                                                                                                                                                                                                       AIS: 1
                                                                                                                                                                                                                                                                                                            AIS/PIS: 55
                                                                                                                                                                                                                                           United Kingdom                                                      AIS: 3
                                                                                                                                                                                                                                                                                                                                                       AIS: 1
                                                                                                                                                                                                                                                                                                                                                       PIS: 3
 Functional scope

                                                                                                                                                                                                                                                                                                               PIS: 1
                                                                                                                                                                                                                                                                                                             AIS/PIS: 3                              AIS/PIS: 6

                                                                                                                                                                                                                                         India                                                                                                         AIS: 6
                                                                                                                                                                                                                                                                                                              AIS: 11                                  PIS: 1
                                                                                                                                                                                                                                                                                                             AIS/PIS: 6                              AIS/PIS: 2
                                                                                                                                                                                                                                   Hong Kong
                                                                                                                             UK                                                                                                                                                                               AIS: 3                                   AIS: 2
                                                                                                                                                                                                                                                                                                                                                       PIS: 1
                                                                                                                                  BAL
                                                                                                                                                                                      Market initiates                                                       Regulator enforces                             AIS/PIS: 10
                                                                                                                                                                                                                                                                                                                                                     AIS/PIS: 5
                                                                                                                                        ES
                                                                                                                                                                                                                                                                                                               PIS: 1                                  AIS: 3
                                                                                                                                                  SE                                                     United States                                                                                                                               AIS/PIS: 3

                                                                                                                                                                                                                                          Europe                                                              AIS: 11
                                                                                                                                                                                                                                                                Open banking activity in the market                                                  AIS/PIS: 1
                                                                                                                                                                                                                                                                                                            AIS/PIS: 25
                                                                                                                                                                                                               Singapore
                     Limited API scope

                                                                                                                                                                                                                                                                                                                                                       PIS: 2
                                                                                                                                                                                                                                                                        Market-wide                          AIS/PIS: 1

                                                                                                                                                                                                                                                                                                                                                       AIS: 5
                                                                                                                                                                                                                           Japan                                                                              AIS: 7
                                                                                                                                                                                                                                                                                                                                                     AIS/PIS: 1
                                                                                                                                                                                                                                                                        Early-adopters                      AIS/PIS: 12
                                                                                                                                                                                                                                                                                                                                                       AIS: 1
                                                                                                                                                                                                                                                                                                               AIS: 1                                AIS/PIS: 1
                                                                                                                                                                                                                                                                        Some signals                           PIS: 1
                                                                Starters in Opening-up                                                       Leaders in Experience                                                                                                                                                                                   AIS/PIS: 5
                                                                                                                                                                                                                                                                                                               AIS: 3
                                          Basic experience                                                                                                 Comprehensive experience                                 Low standardisation                       Regulator as
                                                                                                                                                                                                                                                                                                               PIS: 1
                                                                                                                                                                                                                                                                                                             AIS/PIS: 4                                AIS: 3
                                                                                                                Developer experience                                                       Market as
  *Grey logo indicates limited portal accessibility, thereby complicating full assessment                                                                                                                                                                     strategic formulator                             AIS: 1
                                                                                                                                                                                           formulator                                                                                                        AIS/PIS: 6
                                                                                                                                                                                                                                                                                                                                                     AIS/PIS: 2
22                                       Title – subtitle. Date in full. © INNOPAY GmbH. All rights reserved.

                                         INNOPAY tracks Open                                                                                                                          INNOPAY tracks Open                                                                                              Radar with European                                         INNOPAY tracks               Global lighthouse of
                                         Banking API efforts across                                                                                                                   Banking and Open                                                                                                 overview of licensed                                        developments of parties      innovative Embedded
                                         the globe via the INNOPAY                                                                                                                    Insurance (Trust)                                                                                                TPPs which are building                                     (insurers, fintechs and      Insurance propositions
                                         Open Banking Monitor                                                                                                                         frameworks across the                                                                                            Open Banking                                                banks) offering insurance    including technology and
                                                                                                                                                                                      globe, driven by market                                                                                          propositions including                                      APIs                         business model used
                                                                                                                                                                                      players or regulators                                                                                            technology and business
                                                                                                                                                                                                                                                                                                       model used
                                                                                                                                                                                                                                                                                                                                                                   Focus of this presentation

                                               Source: INNOPAY analysis
                     8                               INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
The INNOPAY Open Insurance Monitor
2   Open Insurance Monitor
Data access is the key for insurers to capitalise on new ecosystem
   opportunities which are emerging on the back of digital transactions
                                                                         Mobility as                                    Fraud
                                                                         a Service                                     detection
                                                                                                                                                Financial
                                                                                                                                                assistant

                      Insurer
                                                                         Airline
                                     Theaters                                      Google      Security    Mortgage
                                                                                   maps                                          Bank account
                                                                 Train
                                                Musea
                                                                                                 Nest
                    NH hotels
                                                              Uber                                              Fire     Binck                          Healthy living
                                                                           Telematica                           detector                                   coach
                            Hotels
                                                                         Car
                                                    Travel                                     Home
                    Booking.com                   insurance                                                                  Wealth
                                                                                   Insurance   insurance                     Management
                                                               Share
                                      AirBnB

   Travel and                                                                                                                                                  Consume
                                                                                                                                                               external data
vacation services
                                                                                                                                                               Expose
                                                                                                                                                               external data

                                                                                                                                                               Ecosysteem

                      Personalised                                                                                                                             Consent
                                                                                                                                                               manager
                         pricing                                                                               Smart home
                                                                                                                services
    Source: INNOPAY analysis
   10     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
In order capture these opportunities, INNOPAY envisions a
transition to Open Insurance

     CONSUME                                                                                                                                EXPOSE

              OPTIMIZER                                                                                                           PRODUCT
                                                                                                                                  PROVIDER
              Internal APIs
              connecing internal                                                                                     Whitelabel products in a
              systems                                                                                                 B2B2C model in open
                                                                                                                                 ecosystems
                                                  1                                                              7

               DATA DIGGER                                                                                                         SERVICE
                                                                                                                                  PROVIDER
               Mine data it IoT, PSD2
               and other environments                                           OPEN                                          Services (e.g..
               using APIs                                                                                                 acceptation, claims
                                                  2                           INSURER                            6             management)

              CAPABILITY                                                                                                             DATA
              BUILDER                                                                                                            PROVIDER
                                                          3                                            5
              Consume services from                                                                                          Insurance- and
              partners and third                                                                                      customer data sharing
              parties using APIs                                                                                           to third parties to
                                                                          4                TRUST
                                                                                                                         exchange services
                                                                                 FACILITATOR (platforms, trust
                                                                                  frameworks, schemes etc.)
 Source: INNOPAY analysis
11     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
With the help of APIs, insurers can become ‘Open Insurers’ and
gain access to third party data, transactions & ecosystems
Traditional ‘integrated’ insurer                                                          'Open’ insurer

                                  Consumer                                                                        Consumer

                                                                                                                                    Ecosystem
                                                 Intermediary                                         Intermediary                   3rd party

                                     Data                                                                  Data

                                 Functionality                                                       Functionality             API platform

                             Products & services                                                  Products & services

                                   Partner                                                                           Partner

                                                                                                              Expose API       Consume API
 Source: INNOPAY analysis
12     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Open Insurance Monitor V1.0 – December 2020

The Open Insurance Monitor features parties worldwide taking first
action in exposing Open Insurance APIs via developer portals
INNOPAY OPEN INSURANCE MONITOR FEATURES (DECEMBER 2020) – EXPOSE VIEW

                 100+ Insurers and
                 Insurtech observed for                                                                                                                                                                                                   168 Individual API
                 availability of developer                                                                                                                                                                                                         functionalities
                 portals                                                                                         Innovators in Functionality                                                  Masters in Openness

                                                               Rich API scope
                 300 Banks (open banking

                                                            Functional scope
                 monitor) analysed for                                                                                                                                                                                                          Categorised into
                 presence of insurance API                                                                                                                                                                                               42 main groups of API
                                                              Limited API scope
                                                                                                                                                                                                                                                   functionalities
                 18 Developer portals                                                Basic experience
                                                                                                                     Starters in Opening-up

                                                                                                                                                                       Developer experience
                                                                                                                                                                                              Leaders in Experience

                                                                                                                                                                                                          Comprehensive experience

                 assessed with an                                                 *Grey logo indicates limited portal accessibility, thereby complicating full assessment
                                                                                  INNOPAY Open Insurance Monitor (OIM) – Developer Portal benchmark (December 2020)

                 (accessible) Open
                 Insurance offering
                                                                                                                                                                                                                                     60+ Assessment features
                 8 Different countries                                                                                                                                                                                                     which contribute to a
                 worldwide with insurers active                                                                                                                                                                                      Comprehensive (Developer)
                 in Open Insurance                                                                                                                                                                                                                  Experience

 Source: INNOPAY analysis
13     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Open Insurance Monitor V1.0 – December 2020

The first Open Insurance Monitor shows insurers building API
portfolios and establishing first developer experience

                       Rich API scope
                                                            Innovators in Functionality                                       Masters in Openness
                   Functional scope
                         Limited API scope

                                                                Starters in Opening-up                                        Leaders in Experience
                                             Basic experience                                          Developer experience                  Comprehensive experience

                  *Grey logo indicates limited portal accessibility, thereby complicating full assessment
                  INNOPAY Open Insurance Monitor (OIM) – Developer Portal benchmark (December 2020)
 Source: INNOPAY analysis
14     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Open Insurance Monitor V1.0 – December 2020

Compared to banks, insurers have a more broad API portfolio, but
offer less developer experience
Open Insurance Monitor V1 (December)                                                                                                      Selected Insights

                                                                                                                                          1   Insurers’ first efforts are aimed at
  Rich API scope

                                       Innovators in Functionality                              Masters in Openness                           establishing a rich API portfolio with
                                                                          1                                                                   insurance related services, with minimal
                                                                                                                                              priority for developer experience

                                                                                            3
                                                                                                                                          2   Due to their Open Banking efforts,
Functional scope

                                                                                                                                              banks are more advanced in
                                                                                                                                              developer experience compared to
                                                                                                                                              insurers. Extending the API portfolio
                                                                                                                                              of banks with insurance services
                                                                                                                                              would further boost their
                                                                                                               2                              bancassurance model
    Limited API scope

                                                                                                                                          3   Nationwide is first in heading for
                                                                                                                                              Master in Openness by offering a
                                                                                                                                              variety of insurance API and
                                           Starters in Opening-up                               Leaders in Experience                         establishing developer experience
                        Basic experience                                                                       Comprehensive experience
                                                                                                                                              through clear documentation and
                                                                     Developer experience
                                                                                                                                              good developer usability
              Source: INNOPAY analysis
15                  INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Open Insurance Monitor V1.0 – December 2020

Insurers have put effort in API scope and documentation, while
banks are further advanced in developer engagement and usability

                     API CATALOGUE                                                          API DOCUMENTATION
      Functionalities available through                                                     Information needed to understand
                    party’s API offering                                                    APIs and its functions

                      1                                                                                         1
      2                                                                                          2
                                       3                                                                                       3

                      1                                                                                         1
      2                                                                                          2
                                       3                                                                                       3
     COMMUNITY DEVELOPMENT                                                                  DEVELOPER USABILITY
                     Engagement with                                                        Tools to guide developers
                  Developer Community                                                       and get started quickly

 Source: INNOPAY analysis
16     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Insurers can monetise APIs based on ‘sell through’ and ‘sell to’
approach
'Open’ Insurer
                                                                             1. Changing distribution and usage of financial
                                                                                products/services call for embedded insurance
                           Consumer                                                ‘Sell Through’ means the sale of insurance products through
                                                                                   3rd party platforms via APIs
                                                                     Sell
                                                                   Through       • Customers increasingly expect financial products to be
                                                                                   embedded in platforms enabling frictionless client journeys
                                             Ecosystem                           • New distribution channels used by incumbents and new
                                              3rd party                            players to secure revenue growth

                                                                             2. New value-pools arise, offering opportunities for insurers
                                                                      Sell
                                                                                   ‘Sell To’ means the provision of insurer capabilities to 3rd
                                                                      To
                                                                                   party platforms via APIs
                                                                                 • Various organisations require insurance (related)
                   Data
                                                                                   capabilities to run and enrich their business
               Functionality            API platform                             • New value-pools arise for insurers that develop new API-
                                                                                   enabled products/services by building on their core-capabilities
           Products & services                                                     and forge new partnerships

 Source: INNOPAY analysis
17     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Open Insurance Monitor V1.0 – December 2020

Insurers can explore API propositions within five key areas of the
value chain
                                              Sell through                                                                               Sell to

                                                                                                                                                Policy
                                       Customer                          Sales &                                                                                               Claims
                                                                                                         Underwriting                           servicing &
                                       advice                            distribution                                                                                          management
                                                                                                                                                admin
                      Offer personalised product       Expand distribution channels      Increase risk calculation           Facilitate efficient policy        Provide seamless customer
                      advice based on customer data,   through product placement         capability by leveraging            servicing and administrative       experience by integrating
 What

                      such as current coverages and    within new third party channels   consumer data, allowing             support within 3rd party           claims management capabilities
                      personal data (eg, car or home   and efficient partner             efficient and competitive pricing   platforms                          within 3rd party channels
                      data)                            management
                      Customer advice APIs             Sales & distribution APIs         Underwriting APIs                   Policy servicing APIs              Claims management APIs
                      •   Not yet available            •     High level & detailed       •   Quote calculation, based on     •   Retrieval of policy details    •   Submit & manage claims,
                                                             product information (eg,        retrieved customer data             (eg, policyholder details,         including attachments
Example APIs

                                                             benefits, coverage,         •   Insurance purchase & order          benefits, coverages)           •   Management of service
                                                             premiums)                       management                      •   Policy amendment &                 assignments
                                                       •     Partner information &       •   Customer communications             cancellation                   •   Service provider invoice
                                                             partner account                 & support                       •   Customer information &             management
                                                             management                                                          customer account
                                                                                                                                 management
Parties2 % of APIs1

                                    0%                                 8%                              34%                                 31%                               23%
                                                             Divided across 9 parties        Divided across 15 parties           Divided across 13 parties          Divided across 7 parties

          Source: INNOPAY analysis    1Analysis included a total of 18 parties with API functionalities. 2Example parties with an API offering within these areas

18              INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
3   Open Insurance bancassurance use case –
    Embedded Insurance
Three coinciding trends create opportunity for bank-enabled
Embedded Insurance

                                                                                                             Insurance products are being
                                                                                                             integrated in third party platforms,
In today’s bancassurance, mobile                                                                             products and services, also known as
banking apps have a central position for                                                                     Embedded Insurance (E.I.)
distribution and management of
                                                Bancassurance                             Embedded
insurances
                                                                               Bank
                                                                                xxx       Insurance
                                                                              enabled
                                                                                E.I.

                                                                                              Banks are increasingly opening up their data
                                                                                              assets and capabilities as part of strategic
                                                                                              Open Banking initiatives

                                                                               Open
                                                                              Banking

 Source: INNOPAY analysis
20     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Banks can provide customer authentication & authorisation to
enable sales of insurance products within third party platforms

        1                     2                    3                      4                       5                     6                   7                    8

  Data request         Identification &      Data response            Insurance              Activation           Authorisation         Activation            Active
                        authentication                               suggestion               request                                   response            insurance
                                                                                                                                                           management

     Third party            Customer           Bank shares            Customer                 Third party        Customer gives       Bank confirms          Customer
 initiates retrieval     identifies and      insurance data        receives active        initiates activation    consent to bank       activation of      manages active
       of active         authenticates       with third party         insurance            of new insurance        to activate the   insurance to third   insurances within
     insurances          towards bank           based on               overview           product based on       insurance product       party and         mobile banking
   towards Bank            using bank       customer consent                                   interaction                               customer                app
       based on           identity, and                            Third party offers           between
      interaction      gives consent for                               customer              customer and
   between third          sharing data                            insurance options            third party
       party and                                                    based on data
       customer                                                        analysis

 Source: INNOPAY analysis
21     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Use case: Bank authenticates customer and retrieves active
insurances in KLM’s online channels
         1                                                      2                                         3
                                                                                    BANK

                  Travel insurance                                      Authentication                           Travel insurance

                  Would you like to purchase additional
                               insurance?
                                                                                                                       We have received the
                     Travel insurance
                                                                                                                       following data from
                                                    35,-
                                                                                                                        MoneyMasterBank:
                     Cancellation insurance         20,-
                                                                          Authentication to confirm my
                      Details              Get insurance                    consent that we share the
                                                                         following information with KLM                   First Name

                    Or would you like to retrieve your                         First Name                                Last Name
                     insurance data and coverage to
                       receive a personalised offer?
                                                                               Last Name                                 Active travel and
                                                                                                                           health insurance
                          Please select your bank                              Active travel and                          coverage
                                                                                health insurance
                            MoneyMaster Bank                                    coverage                              We will access your data from
                                                                                                                     today until 15th of October 2020
                          We will access your data
                    from today until 15th of October 2020

                      Cancel                  Proceed                      Cancel            Confirm                 Cancel                Proceed

                  KLM offers customer the                           Customer is redirected to mobile           Customer receives confirmation
                 possibility to retrieve active                        banking environment for                that personal data is shared with
                           products                                   authentication and consent                            KLM

 Source: INNOPAY analysis
22     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Use case: Customer authorises Bank to activate selected insurance
product
4                                                            6                                             7                                          8
5                                                                                 BANK                                                                                        BANK

          Travel insurance                                        Authorisation                                  Travel insurance                         Insurance overview

          Active insurance retrieved from bank
          •   Liability insurance                  Details
              WA Basic
                                                                                                                                                          Active insurance with insurer
          •   Health insurance                     Details           Authorisation to confirm my
              Basic+
                                                                     consent that we activate the                                                           Liability insurance            Details
                                                                                                                                                              WA Basic
          •   Travel insurance                     Details
                                                                    following insurance products
              Domestic coverage                                                                                                                             Health insurance               Details
                                                                                                                                                              Basic+
                                                                         Travel insurance
          Suggested insurance with bank                                   Global coverage
                                                                          From 1-11-2020 until 15-11-20           Insurance successfully activated!         Travel insurance               Details
          Based on your flight details we suggest                                                                                                             Domestic coverage
          the following insurance options:                               Cancellation insurance
                                                                          From present day until 1-11-20                                                  Temporary insurances
              Travel insurance
              Global coverage
                                                     25,-
              From 1-11-2020 until 15-11-20                                                                                                                 Travel insurance
                                                                                                                                                              Global coverage
                                                                                                                                                              From 1-11-20 to 15-11-20
              Cancellation insurance                 10,-
              From present day until 1-11-20
                                                                                                                                                            Cancellation Insurance
                                               More info                                                                                                      From present day to 1-11-20
                                                                                                                                                                                            Details
                    Proceed to bank to activate
                      the insurance products

                Cancel                         Proceed               Cancel                    Confirm               Cancel            Proceed                                Close

       KLM shows most suitable option                                                                              Customer is informed of                Customer can manage his
                                                                 Customer authorises bank to
          and possibility to directly                                                                          insurance activation within KLM            insurance products in his
                                                                  activate insurance product
              activate product                                                                                            channel                               banking app
    Source: INNOPAY analysis
23        INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Through exchange of services, user experience, data and financial
compensation all ecosystem participants benefit
 Overview of the different exchanges within the Embedded Insurance ecosystem

     Customer – Bank exchange                              Customer                              Third party               Bank – Third party exchange

     v   Customer pays insurance premium
                                                                                             v                                    Third party generates lead
                                                                                     v
     v   Bank provides client’s personal data                                                                                     Bank enables tailored customer service

     v   Bank delivers insurance coverage
                                                                         v                       v                         v      Third party receives sales commission
                                                                 v                    Bank
     v   Bank offers one shop for financial products
                                                                     v
                                                                             v

     Bank – Insurer exchange                                                                                               Customer – Third party exchange
                                                                                 v
     v   Bank passes on insurance premium                                                                                  v      Customer provides personal data to third party
                                                                                 v           v
     v   Bank receives sales commission                                                                                    v      Third party provides personal experience

     v   Bank provides distribution power

     v   Insurer provides insurance policies
                                                                                     Insurer
 Source: INNOPAY analysis                                                                                  v   Financial   v   Data   v   Non-financial
24     INNOPAY Open Insurance Monitor. January 2021. © INNOPAY BV. All rights reserved.
Maarten Bakker                    Mounaim Cortet                     Vincent de Rijke              Jorgos Tsovilis               Marnix de Kroon
Director                          Senior Manager Strategy            Senior Consultant             Consultant                    Consultant
Lead Open Insurance & Data        Lead PSD2 & Open Banking           Open Insurance Expert         Open Banking Expert           Open Insurance Expert
Sharing

maarten.bakker@innopay.com        mounaim.cortet@innopay.com         vincent.derijke@innopay.com   jorgos.tsovilis@innopay.com   marnix.dekroon@innopay.com
+316 10 98 14 31                  +316 41 76 86 51                   +316 24 92 64 98              +316 40 67 74 64              +316 34 82 20 57

INNOPAY’s Open Insurance Monitor assesses publicly available developer portals with
insurance APIs. If your organisation is not included in the Open Insurance Monitor yet, send an
email to marnix.dekroon@innopay.com and let us know!
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