There is no uniform definition of open insurance. EIOPA, "European Insurance and pensions occupational authority", has considered open insurance in its work so far in the broadest sense, covering accessing and sharing insurance-related personal and non-personal data usually via APIs.
At 21RISK we believe that you, the customer, should own your data. Position yourself at the centre of the ecosystem that provides insurers and other stakeholders with data of high quality.
When organizations and people work with risk-mitigating actions in their daily work, it’s important to communicate this information effectively to insurance partners. Otherwise, precious information can get lost about how the company is actively working to resolve important risk factors, or even more important when issues have already been solved or improved.
This is where 21RISK comes into the picture. Organizations work with risk-mitigating actions in 21RISK because it’s convenient, and a powerful tool to coordinate efforts. But from day one, we also designed 21RISK so it would save this valuable data - empowering our customers to showcase their efforts to their insurance partners.
We have seen many organizations that implemented ambitious plans for reducing risks, but when the efforts are only documented in shattered emails and excel files a lot of potential is lost. This is problematic - the hard paid efforts mitigating risk should be well documented. With 21RISK we give your team
One place to discuss risk-mitigation
A more dynamic perspective, where updates and changes are tracked
Automatic reminders about overdue actions
Automated audit trails, finally answering who-did-what-when questions
All this high-quality data is worth nothing if no one utilizes the potential.
Sharing risk information will eventually enable organizations to learn from their incidents and evolve a risk resilience that will embrace the whole organization.
It’s essential to take ownership of your data. Don’t give it away, instead take control and make data the centrepiece of your ecosystem. Sharing this data will empower your organization with the autonomy to choose your stakeholders and insurance partners freely.
We believe that all organizations should focus on these 4 points
Quality of data
One source of truth
Sharing is caring
We welcome this new era of combining real-time analytics, risk management and insurance.
If you would like to chat about "from data to insurance" contact us here