Brazil open insurance model is pioneer in the world – EY

One of the new features in the rules placed on public hearing by SUSEP is the creation of the Insurance Services Initiation Company (SISS). This may be a fintech, insurtech or even a retailer, which "resembles the role of payment initiators in open banking,"

RIO DE JANEIRO, BRAZIL - The Brazilian open insurance model, created with regulations and incorporated into open banking, is the first in the world, said EY's partner for digital transformation and innovation in financial services Chen Wei Chi, during the National Confederation of Insurers conference (Conseguro).

"Open insurance is born with rules debated by stakeholders and implemented by the regulator [Superintendence of Private Insurance, SUSEP] and within the broader concept of open finance," the expert said.

According to Chi, although the schedule foresees the implementation of the insurance market data and operations sharing environment until next year, "we will realize . . .

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