The Insurtech Friendsurance and ALH- Group founded FRIDA initiative at an open interface for the exchange of insurance data. The model for FRIDA is the PSD2 standard in banking. There are already two formats for data transmission in the insurance sector, BiPro and GDV. The FRIDA initiative would like to replace proprietary formats with standardized and open interface definitions.
Association allows “higher degree of professionalization”
The initiative has been a registered association since 2021. The member companies elected Julius Kretz from the ALH Group, Slobodan Pantelic from HDI and Sebastian Langrehr from Friendsurance to the board of the new association. The operators expect an “even higher degree of professionalization” from the founding of the association. This makes the initiative “even more attractive for fellow campaigners and could further accelerate development”, explains board member Langrehr.
The FRIDA team has already made “great progress” in API development. The initiative is working on different APIs for different use cases. You have insurance companies such as intermediaries and innovators, but also the customers in view.
New APIs should offer maximum data security
“Our vision is to enable insurance customers easy and secure access to their data and to strengthen their sovereignty. Because only if the customer gives his express consent via opt-in, his insurance data may be exchanged between the individual players, “adds Julius Kretz from the ALH Group.
The initiative wants to be financed through its member companies. The APIs themselves, on the other hand, should be made available for use free of charge. According to Slobodan Pantelic from HDI, this could lead to “innovative business models”. In addition, “data in insurance sales would only develop their full effectiveness” if they could flow undisturbed in an efficient process, but with maximum data security between the actors.
