FRIDA becomes a member of InsurLab Germany

FRIDA stands for "Free Insurance Data Initiative". As a supplement to existing "data exchange formats" such as BiPRO and GDV, they create the basis for the emergence of digital ecosystems - entirely in the spirit of "Open Insurance". The goal of FRIDA e.V. is to develop standardized interfaces and offer them directly not only to insurers, but also to third-party providers and customers - similar to what is already possible in open banking or in the context of PSD2.

Why did you decide to become a member?

FRIDA and InsurLab have been working together for over 2 years. At the beginning of the FRIDA initiative, InsurLab was an important sparring partner for us, not least because of its broad network. However, from a pure sparring partner this very quickly developed into a close cooperation and a strategic partnership. Today, we maintain a friendly relationship and promote each other - so it was obvious to "seal" this and to conclude a mutual membership.

Which topics are important to you?

We have a passion for "Open Insurance" and believe that collaboration and networking are key success factors. Networking and collaboration are also other points that InsurLab Germany and FRIDA have in their DNA. FRIDA is a strong advocate for true customer centricity. As consumers, we feel the same way: I want to record my insurance policies digitally and use them in various services, such as digital contract folders. Or I would prefer to import my insurance policy data for my tax return instead of having to type it out by hand. The EU wants to strengthen the data sovereignty of its citizens. This is exactly where FRIDA comes in, creating standardized, open interfaces to enable new use cases (e.g. pension cockpits and multi-insurance managers) and increase the benefits for insured persons.

What do the topics of sustainability, business model expansion and digital transformation mean to you?

Insurance - apart from some insurance assets - can be very digital. Data streams regulate payment, risk assessment, and claims processing. Insurance is therefore predestined to benefit greatly from digital transformation. In the life cycle of customers, many things are still analog or hybrid. Contracts and contract management can be made very sustainable in many respects with minimal effort. And the expansion of business models can no longer be stopped by interoperability - this will provide a great deal of impetus for the insurance industry.

In which of our activities do you plan to get involved?

We've heard that the barbecue on your roof terrace is great. In addition, you also have special drinks in Cologne, where we would like to be actively involved after good meetings and exchanges. Apart from that we are already mutually represented in Topic-Groups and create mutually for short ways in both networks and among all contributors. We are happy to have each other - and especially now the young FRIDA in InsurLab Germany - as members. It is an honor for us!