FiDA – Opportunities for insurers in the future of open finance

FiDA is a proposed European legal framework designed to standardise and secure access to financial data. The aim is to extend Open Finance to other sectors such as insurance, investments and lending – in a similar way to PSD2 in the payments sector. In future, insurers will be required to provide certain data via standardised interfaces.

In future, insurers may be required to share certain data with third-party providers – such as claims histories or policy information. This will give rise to new regulatory requirements, but also present opportunities to develop innovative services and more efficient processes.

As things stand, the legal framework is due to be finalised in mid-2026. The go-live is scheduled for mid-2027. Insurance companies should prepare for the new requirements at an early stage. In doing so, they should focus on data quality, interfaces and governance structures.

FDSS stands for Financial Data Sharing Schemes. These schemes define exactly how data is shared – for example, which formats and protocols are used. Insurers must choose a suitable scheme and adapt their systems accordingly.

Without strategic preparation, there is a risk of compliance breaches, competitive disadvantages and high retrofitting costs. Taking action at an early stage, on the other hand, ensures investment security and opens up opportunities for data-driven business models.

Development of a regulatory roadmap: phased compliance planning (motor insurance from 2027, other SU lines of business), long-term strategy development

FDSS Strategy Consultancy: Optimal scheme selection and strategic positioning across different Financial Data Sharing Schemes

BaFin preparation: Reporting preparation, audit readiness, supervisory expectations management

 DORA-FiDA synergy analysis: Joint compliance projects and efficiency optimisation

Legacy system inventory: Comprehensive mapping of customer data held in legacy systems

Data quality audit: completeness, timeliness and structuring to meet FiDA requirements

Gap analysis: Missing data fields, unstructured information, harmonisation requirements

Implementation roadmap: Realistic scheduling and resource allocation for FiDA readiness

Data harmonisation: Standardisation of distributed data sets into uniform, FiDA-compliant formats

Legacy integration without disruption: API layer for seamless integration of existing systems

Master Data Management: A unified view of customers across all product lines

Data quality automation: AI-powered cleansing, enrichment and validation

Zero-Trust Architecture: Comprehensive Security for all FiDA touchpoints

Threat Detection & Response: AI-based detection of abnormal data access, network traffic pattern analysis

Identity & Access Management: Secure authentication and authorisation of data users

Data Loss Prevention: Protection against accidental or malicious data exfiltration

FDSS-compliant API infrastructure: Secure, standardised interfaces in accordance with selected schema standards

Flexible data interfaces: Customisable integration options to meet a range of data user requirements

Legacy system integration: A middleware layer between legacy systems and FDSS standards

Scalable cloud architecture: AWS/Azure-based solution for variable data queries

Multi-FDSS capability: Simultaneous participation in multiple schemes (Extended/Comprehensive)

Standardised request processing: Processing of incoming FDSS-compliant data requests

Consent verification: Checking the request against current customer consents

FiDA Services for Insurers

Smart Data Assembly: Automatic compilation of requested data from legacy systems

Response Formatting: FDSS-compliant response formatting with an audit trail

Permissions Management Portal: Intuitive management of consent and withdrawal for end customers

Data Usage Transparency: Overview of who accessed which data and when

Granular Privacy Controls: Highly granular control over which data elements are shared

Mobile-first design: Responsive web app, optimised for smartphone use