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BiPRO is FiDA-Ready!
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AI in the insurance industry: Revolution through artificial intelligence and BiPRO data standard
The integration of artificial intelligence (AI) in the insurance industry offers enormous opportunities to increase efficiency, reduce costs and improve the customer experience. Below we highlight the different types of AI that can be applied in the insurance industry...
What is FiDA (Financial Data Access Regulation)?
FiDA (Financial Data Access Regulation)On 28 June 2023, the European Commission (EC) published its proposal for a new regulation on a Framework for Access to Financial Data (FIDA) / Financial Data Access Regulation, also commonly referred to as Open Finance Framework...
Who is FiDA affected?
Customer‘Customer’ means a natural or legal person residing in the Union who uses financial products and servicesData holder“Data Holder” means a financial institution that collects, stores or otherwise processes Customer Data relating to a Customer as part of the...
Which financial institutions must follow FiDA regulations?
Introduction / Financial Institutions Financial institutions play an important role in the financial system by providing a variety of financial services, including deposit and lending, securities trading, investment advice, insurance and payment processing. By...
What are the FiDA goals?
FiDA goals Consumer protection Tailor-made financial products and services (including improved advice/inventory) digital access in real time Security & Privacy standardization Harmonized legal framework Digital Transformation Promoting digital transformation...
Which customer data is relevant for FiDA?
Customer data in the sense of FiDACustomer Data - personal and non-personal data collected, stored and otherwise processed by a financial institution in the normal course of its business with customers, including both data submitted by customers and data generated as...
How should FiDA work? FiDA schematic diagram
FiDA schematic diagramCUSTOMER: Natural or legal person DATA HOLDER: Financial institution required to grant access to customer data under this Regulation. DATA USER is an entity (financial institution or financial information service provider (FISP)) that has lawful...
Was ist Open Finance?
Open data The concept in general and the EU strategy "Open Data" is based on the fact that data sets from a wide range of industries are made available to authorized third parties for use and further use in a machine-readable, standardized form.Open Finance Open...
What are FiDA obligations for financial institutions?
FiDA obligationsFiDA obligations include, among others, the mandatory regulations for organizing data access:1) Art. 4: Obligation to make available data to the customer Upon request from a customer submitted by electronic means, the data holder shall make customer...
What are the requirements for a FiDA system / FiDA scheme?
FiDA-System / FiDA-SchemeWithin 18 months of the entry into force of the Regulation, data holders and data users must become members of one or more "Financial Data Access Schemes" that regulate access to customer data. Any access to data must be carried out in...
BiPRO is FIDA-Ready!
At BiPRO the focus is on process optimization, standardization and community. The BiPRO-Standards are industry-wide recognized market standandards that enables sustainable digitalization of the insurance industry.
Thanks to the large BiPRO community, Germany is becoming a pioneer of digital insurance communication in the EU, while other countries and initiatives essentially have to start from scratch when it comes to establishing standards.
The BiPRO data model and the specifications of the interfaces already largely cover requirements of FIDA with regard to end customer processes and customer data. The industry-wide implementation of data transfer is well advanced for most members.
Member companies
K. Interfaces
m. Transactions p. a.
years of work
The BiPRO community consists of more than 300 member companies.
The key processes in the insurance industry were standardized together.
BiPRO community drives the digitalization of the industry.
The association has been supporting its community with know-how for almost 20 years.
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Open Insurance Working Group
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