Brazil-based B3 has signed a partnership to be the technological infrastructure provider for Guru SPOC for the development of Open Insurance, regulated by SUSEP . Following this announcement, B3 is expected to be the technological infrastructure provider for Guru SPOC, a Customer Order processing Company in the insurance market of the region of Brazil.

The newly launched firm is set to function as a utility provider for insurance intermediaries, as well as their customers and users. A SPOC organisation represents a company accredited by the Superintendence of Private Insurance (SUSEP), which was developed to carry out client order processing activities in a secure and efficient manner. The firm is set to be fully operational at the conclusion of Phrase 3 of Open Insurance, also known as the `Effective Services`, which is expected to be mandatory by the end of May 2024.

In addition, SPOC aims to work as an aggregator or corporator of different solutions and services, in order for customers and users to have the possibility to take advantage of Open Insurance. At the same time, the process is expected to happen through it, with the client being enable to make a claim communication or contract a certain policy portability. More information on the partnership According to officials from B3, the company focused on optimising the manner in which insurers comply with the regulatory requirements and laws of the industry since the end of 2021.

Currently, the firm will prioritise the process of implementing Open Insurance within SPOC’s suite of services, which is expected to be followed by the integration with Open Banking. B3 will be the provider of the infrastructure for Open Insurance, offering Guru SPOC the benefits of APIs, as well as monitoring and the overall management process of the consent flow. Guru SPOC is set to provide its customers and clients with a one-to-shop digital platform, which will improve the process of intermediation and management to brokers and intermediary partners (B2B2C).

The firm will emerge as a hub of capabilities and offerings for its users to leverage in real time. Open Insurance represents the standardised procedure of sharing data and services through the openness and integration of information systems infrastructures and platforms, by leveraging a dedicated interface for this purpose. With the implementation of Open Insurance, SPOC will focus on optimising and accelerating its development process within the insurance market in the country, in an efficient, secure, and transparent manner.

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