Based on Susep data, Brazil’s open insurance system processed approximately 16.5 million transactions from September 2023 to September 2024.
This figure includes 10.5 million open data requests (Phase 1) and 6 million transaction sharing requests (Phase 2), with system implementation progress scheduled to conclude in Phase 3 in November 2024. It reflects the situation.
Open Insurance, also known as Open Insurance System (OPIN), facilitates and standardizes the sharing of consumer data with insurance companies, open supplementary pension companies, and capitalization companies. This is done through system integration, enabling the creation of new products and services and linking with the Open Finance system.
On the consumer side, approximately 3,000 individuals have agreed to share their data through Open Insurance. As for the industry, 74 entities have already been registered, including insurance companies, supplementary pension entities, and capitalization companies. More than 1,200 APIs organized into 72 groups are also now available to streamline data sharing and system integration between participating companies.
Regarding SPOC (Customer Order Processing Companies), only two companies have been approved so far. There are no new certification applications under analysis, but that number is likely to increase as the project expands. Susep said that once certified, SPOCs can act by providing data aggregation services to consumers, information and control panels, and can also act on behalf of consumers even with the customer’s consent. , is said to be an entity capable of providing services related to the initiation of financial transactions.
By integrating consumer data with prior consent, Open Insurance aims to increase competition in the insurance sector and enable companies to develop more personalized and efficient products. Innovation and technology will be the main drivers of this process.
Expectations for the Brazilian insurance industry
Although this sector in the country is still considered to be underdeveloped, it has great potential for growth. The industry aims to account for 10% of Brazil’s GDP by 2030, and could generate up to R$1.14 trillion over that period, according to estimates by the Confederation of National Insurers (CNSeg). Research suggests that open insurance is expected to play a key role in driving operations and helping insurers adapt to this evolving landscape.
The implementation of Open Insurance is currently in its third and final stage. This phase will focus on sharing services that facilitate the management of insurance plans across all segments, including individual group insurance, microinsurance, open supplementary pensions, and capitalization.
Consumers are reluctant to share details about banking and insurance products, but financial education can help overcome this barrier. Both Open Finance and Open Insurance help increase access to more relevant products for consumers.
