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Brazil regulator pushes ahead with open insurance project

Bnamericas Published: Tuesday, May 18, 2021
Brazil regulator pushes ahead with open insurance project

Brazilian insurance regulator Susep has taken yet another step to advance its project to implement an open insurance model. 

The information-sharing model will make it easier for clients to shop around for the best product offerings as insurers will have access to the same customer data from clients who agree to share their information.

The watchdog invited market participants to provide suggestions until June 17 for the preparation of open insurance manuals. 

"This is another important step for the advancement of the project, which first implementation phase should be completed by December 2021," Susep said in a press release.

The regulator will create five manuals with technical requirements and operational procedures that insurance companies must adhere to in the open insurance model.

The manuals are in line with those that have been presented by the central bank for the country’s open banking model, Susep said.

The monetary authority has begun the gradual implementation of the open banking model and the sector has already seen an increase in competition through the entry of new players. 

During the first phase, the open insurance model will include residential, auto and personal insurance products, as well as private pension plans.

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