Open Insurance: learn more about Susep regulations

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In the last year, in particular, the Brazilian financial market has undergone a period of profound and major transformations. With high investment in technology, the sector has experienced a major revolution with the growth of fintechs in the country, as well as the emergence of innovative solutions aimed at promoting banking digitalization — which have inspired other Brazilian economic sectors, such as Open Insurance .


Resources like PIX reinforce the evolution of the sector. Launched in 2020, the instant transfer system has consolidated itself as one of the main forms of payment in Brazil. According to data from the Central Bank, by May 2021, more than 240 million PIX keys had been created. In the first four months after its creation alone, more than 275 million transactions were carried out.

In addition to PIX, the sector also followed the creation of Open tunisia mobile database Banking , through Joint Resolution 01/2020, by the Securities and Exchange Commission (CVM) and Bacen, which is more than relevant for the promotion of the Brazilian economy, it also represents a milestone in the beginning of the sharing of data and services in the financial system.


With the “financial system of the future,” as it is called, Open Banking will also impact the sector’s competitiveness, since by eliminating the current bureaucracy, there will be an increase in the supply of products and services — which will consequently make competition fiercer. The implementation of the system will occur in phases and is expected to be completed by the end of 2021, with the first stage having already begun in February of this year.


Evolution in the insurance market
These undeniable developments, however, are not limited to the financial and banking sectors. On the contrary, they are inspiring revolutions in other Brazilian economic sectors, as recently occurred in the insurance market. In July, the Superintendence of Private Insurance (Susep) published Resolution CNSP 415/2021 and Circular Susep 635/2021 , which establish the Open Insurance System — known as Open Insurance.


Just like insurtechs — startups that combine the use of technology with insurance — Open Insurance is emerging to bring even more innovation to the sector. Inspired by Open Banking, the new system aims to guarantee greater security for consumers and offer greater control over access to their data, thus expanding interoperability in the market and the supply of products and services.


This means that users will be able to access and share their data with other insurers or third parties if they so wish. This means that the data can be used to meet their needs, pension plans and capitalization, in addition to integration with the Open Finance System, which will allow people to access financial and insurance services.