Mia-Platform launches Open Insurance Hub as an end-to-end solution

Mia-Platform, the London-based end-to-end platform builder and insurtech specialist, has announced the launch of the Open Insurance Hub to facilitate the integration of more digital services into the insurance ecosystem.

The Open Insurance Hub enables insurers and financial institutions to expand their product categories, enhance the customer experience, foster new partnerships and distribution channels, and shift to the Open Insurance model. This is achieved by making it easy to integrate the data of multiple different parties in the insurance ecosystem through a single platform. In this way, more digital products and services can be adopted to improve the customer experience and differentiate insurers from their competition.

Federico Soncini Sessa, CEO and Co-Founder of Mia-Platform, said: “Customer expectations have evolved, and today’s policyholders demand seamless, personalised and convenient services similar to those that they experience in other industries. Embracing the Open Insurance model will enable insurers to offer far more digital services, and all from one platform. Importantly, these new digital channels will generate valuable data on customer behaviour, which can inform future product development and ultimately influence profitability.”

McKinsey suggests the UK is at the forefront of a rapidly changing insurance landscape, leading innovation and growth within the insurtech industry. For example, the UK has the highest density of insurtechs among major economies, and the sector is worth an estimated $20 billion.

However, the insurance sector has traditionally been slower than other industries to adopt digital transformation due to specific challenges, such as combining multiple systems, changing user behaviour, the volume of data and how to process it effectively.

The Open Insurance Hub comprises three primary layers to address these issues and bring greater coordination of insurtechs. The first, data management, is a decoupling mechanism to aggregate data from multiple systems and third-party suppliers. The second is the composable insurance layer, which allows organisations to craft, reuse and enrich microservices that underpin various functionalities within the insurance domain. The third is the digital experience layer, which orchestrates the aggregation of information and functions from different domains, preparing them for final touchpoints.

“Traditional insurers who fail to adopt new digital solutions risk falling behind and losing market share in an increasingly tech-driven industry”, Federico Soncini Sessa added. “The Open Insurance Hub will enable insurers to streamline operations, reduce administrative costs and enhance underwriting accuracy through advanced analytics and artificial intelligence.”

He finished: “If insurers wish to remain competitive, relevant and capable of meeting customer needs, unlocking the value of digital technologies is a must.”