Why the Property and Casualty Insurance Industry is Creating New Open Standards for Information Exchange
The property and casualty (P&C) insurance industry is at a critical juncture. For decades, insurers, reinsurers, brokers, and third-party
vendors have relied on proprietary data formats resulting in limited agility, inefficiencies, and increased costs. In an era where data is the cornerstone of competitive advantage now for every industry, these legacy constraints are no longer sustainable.
A shift toward open data standards presents a transformative opportunity. By collectively building and widely-adopting a universally accepted, non-proprietary framework for data exchange, the industry can enhance interoperability, streamline operations, and accelerate innovation. This white paper explores why the adoption of open standards is not just an option — it is an imperative for the future of insurance.
The second whitepaper in this series, “A Future-Proof Standard for Insurance Data Interoperability” is also available for download.