If the general public has probably never heard of “fida”, his only evocation makes insurers shudder. Acronym of Financial Data Access (access to financial data), IFAD is a proposal for a settlement presented in June 2023 by the European Commission which aims to securely open access to banking, insurance and savings data and companies throughout the European Union.
This text would oblige insurers to put back, to customers who request them, all the data concerning them, so that they can possibly canvass another insurance company.
The field of application of IFAD should cover, among other things, collective and individual retirement products, savings products and IARD insurance products (fire, accident and various risks). Among the data provided, we will find those provided by the customer, but also the data from the latter’s interactions with the insurance company, as well as the data relating to the specific conditions of products and services.
On the other hand, data likely to directly increase the risk of financial exclusion should be excluded from the scope of IFAD, such as health insurance or data concerning consumer solvency assessments.
Great transparency on prices
Concretely, “When the customer will send us his data, it will be possible to offer him a much more personalized and more suitable contract than this is currently the case”explains Olivier Moustacakis, co -founder of the comparator Assurland.com. Same story to Cédric Ménager, CEO of the comparator Les Furets, which indicates that fida will allow greater transparency on prices and guarantees offered.
However, insurers point to many risks. First of all, even if it is expected that the customer must give their agreement for a third party to have access to the file, once the data is transmitted, it cannot necessarily control the use made of it. For Norbert Gautron, president of Galea, risk management consulting company for insurance organizations, IFAD could be beneficial to the insured, but we must continue to work on safeguards so that the data is properly protected.
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