Europe-based fintech CRIF has launched new Open Banking solutions for insurance companies to optimise onboarding, reduce risk, and tailor products for customers. Open Banking has already gained popularity in the online banking and personal finance sectors, with seven million consumers and SMEs in the UK actively using these services.

However, the insurance industry has been slow to embrace this innovation, CRIF states. The new suite of solutions utilises CRIF's existing Open Banking solutions to help insurers assess the creditworthiness of their customers and reduce overall risk through AI-powered categorisation. This capability reportedly enables insurers to make informed decisions and offer tailored products and services that match customer needs and affordability.

The suite also simplifies the application and onboarding process, saving consumers time and driving satisfaction, ultimately seeking to increase customer loyalty, according to the press release. The Regional Director for the UK & Ireland at CRIF stated that Open Banking technology has the potential to bring many benefits to insurers, including staying ahead of the competition and offering better service to customers. CRIF's Open Banking solutions seek to allow insurers to harness new data sources and deliver better customer experiences while maintaining security, compliance, and data processing capabilities.

CRIF also wishes to fight fraud in the sector by undertaking due diligence and sharing data, obtained through Open Banking, with organisations across the industry to identify prolific fraudsters and scams. This initiative builds on CRIF's expansion of its pan-European Open Banking-powered consumer credit scoring services to the UK in 2022, improving the evaluation of creditworthiness for both consumers and businesses. As stated by the company, CRIF has been supporting the UK insurance industry for 25 years, working with over 120 insurance brands and holding over 7 million households, 19.

9 million motor, and 13. 5 million personal injury insurance claims. The launch of the new suite of Open Banking solutions for insurers is expected to improve the insurance industry's services and competitiveness, helping them stay ahead of the curve, the official press release concludes.

More about CRIF in 2023 Recently, WebID Solutions and CRIF Germany announced a strategic cooperation in areas including banking, financial services, mobility, telecommunications, and ecommerce. In March 2023, CRIF Connect, a subsidiary of credit bureau company CRIF, received approval from the Reserve Bank of India (RBI) to operate as a Non-Banking Financial Company-Account Aggregator (NBFC-AA). Also in March 2023, in a bid to support UK small and medium-sized businesses (SMEs) struggling with the cost-of-living crisis, CRIF and iwoca joined forces to bring Open Banking-powered instant lending to SMEs in the country.

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