Free Insurance Data Initiative (FRIDA) becomes an association
What is still missing is an open interface for insurance data. That defines FRIDA. (Image: Wright Studios / Shutterstock)
The Free Insurance Data Initiative (FRIDA) becomes a registered association. FRIDA is working on an open interface standard for insurance data. So far, the industry has been dominated by proprietary systems.
Founded jointly by Insurtech Friendsurance and the ALH Group, has been working since 2018 FRIDA initiative at an open interface for the exchange of insurance data. The model for FRIDA is the PSD2 standard in banking. There are already two formats for data transmission in the insurance sector, BiPro and GDV. The FRIDA initiative would like to replace proprietary formats with standardized and open interface definitions.
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Association allows “higher degree of professionalization”
The initiative has been a registered association since 2021. The member companies elected Julius Kretz from the ALH Group, Slobodan Pantelic from HDI and Sebastian Langrehr from Friendsurance to the board of the new association. The operators expect an “even higher degree of professionalization” from the founding of the association. This will make the initiative “even more attractive for fellow campaigners and further accelerate development,” explains board member Langrehr.
The FRIDA team has already made “great strides” in API development. The initiative is working on different APIs for different use cases. In doing so, you have both insurance companies, intermediaries and innovators, but also customers in mind.
New APIs should offer maximum data security
“Our vision is to give insurance customers easy and secure access to their data and to strengthen their sovereignty. Because only if the customer gives his express consent via opt-in, his insurance data can be exchanged between the individual players, ”adds Julius Kretz from the ALH Group.
The initiative wants to finance itself through its member companies. The APIs themselves, on the other hand, should be made available for use free of charge. According to Slobodan Pantelic from HDI, this could lead to “innovative business models”. In addition, “data in insurance sales would only be fully effective” if they were able to flow between the actors in an efficient process undisturbed, but with maximum data security.
