We co-hosted a webinar with Insurance Ireland entitled Open Finance – A New Day for Retail Finance and Wholesale Insurance? on Wednesday 4 October.
Open banking has fundamentally altered the UK’s retail banking landscape and has sparked the rise of innovative fintechs that, at least in theory, have improved banking services, increased customer choice, and lowered the cost of payments. In the EU, while the landscape has not changed as radically, open banking under the Second Payment Services Directive (PSD2) has made steady progress and the EU Commission is now keen to expand its scope to other areas of financial services. This raises challenges, especially in the insurance/reinsurance industries, where the customer data handled by re/insurers can be particularly sensitive.
This webinar provided an opportunity, applying legal, regulatory, and commercial perspectives, to evaluate these challenges in light of the EU Commission’s recent draft Open Finance Directive and the resulting scope for Open Insurance to deliver real value for re/insurance businesses.
- Rowena Fitzgerald, Partner & Co-Head of Financial Regulation, Mason Hayes & Curran
- Oisín Tobin, Partner, Privacy & Data Security, Mason Hayes & Curran
- Eddy Van Cutsem, Non-Executive Director and Independent Re/Insurance and Financial Services Consultant
- Ajay Pathak, Chief Operating Officer, Amtrust
This session was moderated by Florian Wimber, Director Advocacy & Public Affairs, Insurance Ireland.