Anorak & TrueLayer apply PSD2 for life insurance
InsurTech Anorak, has partnered with financial API provider, TrueLayer, to apply PSD2 rules in the life insurance market
The Second Payment Services Directive (PSD2) was implemented on 13 January 2018. It requires banks to open their payments infrastructure and customer data assets to third parties that can then develop payments and information services to customers.
In short, PSD2 means European banks must open their data and infrastructure to fulfil regulatory requirements.
Anorak will use financial data made available via PSD2 to predict the cover needed by individual customers and match them to the best policy.
TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to capitalise on Open Banking and PSD2 rules by providing secure access to banking infrastructure.
Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “At its core, Open Banking and PSD2 aims to increase competition, choice and value for consumers. Anorak’s service is exactly what was envisioned. By leveraging their financial data, consumers are empowered to make an informed choice on the life insurance policy that is best for them – saving both time and money.”