The president of the Brazilian Confederation of Insurers (CNseg), Dyogo Oliveira, today gave a presentation about the implementation of Open Insurance in Brazil, during a board meeting of the Inter-American Federation of Insurance Companies (FIDES) in Santiago, Chile. “Brazil has taken the lead in the implementation of Open Insurance (OPIN) and we are global pioneers, creating an advanced structure for the sector,” he said at the start of his presentation about this new platform.
Following a decision made by the Brazilian Private Insurance Regulatory Agency (SUSEP), the country’s insurers are implementing a digital environment in which all insurance operations can take place. The first phase of OPIN, which involved giving access to product information, is now in place. The second phase is now under way, in which personal details and data about products taken out will be loaded. SUSEP expects OPIN to be fully up and running in September 2023.
Dyogo told FIDES’ board members that the final design of the Open Insurance system will allow consumers, insurers and brokers to see the same information and carry out a variety of operations, such as taking out, transferring and terminating policies, in a single environment. According to Dyogo, who is a member of FIDES, Open Insurance represents a major transformation for retail insurance products.
“What results do we expect? The sector will become more competitive and premiums will consequently fall, in line with customers’ profiles. We also expect that access to products and channels will become increasingly digital,” he said at the meeting, which featured executives from Costa Rica, Paraguay, Bolivia, Argentina, Venezuela and Chile, among other countries.
Dyogo Oliveira also shared details about FIDES Rio 2023, which will take place in September of next year, with FIDES’ board. He spoke about the topics that will be debated and highlighted the seniority of participants, the trade show and the business deals that are bound to occur during this event, considered the foremost Ibero-American meeting in the sector.