FiDA - Opportunities for insurers in the future of open finance

FiDA is a planned European legal framework that will standardise and secure access to financial data. The aim is to extend open finance to other sectors such as insurance, investments and loans - similar to PSD2 in payment transactions. In future, insurers will have to provide certain data via standardised interfaces.

In future, insurers could be obliged to share certain data with third-party providers - such as claims histories or contract information. This will result in new regulatory requirements, but also opportunities to develop innovative services and more efficient processes.

As things stand, the legal framework will 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. The focus should be on data quality, interfaces and governance structures.

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

Without strategic preparation, there is a risk of compliance violations, competitive disadvantages and high retrofitting costs. Early measures, on the other hand, ensure investment security and open up opportunities for data-driven business models.

Regulatory roadmap development: Phased compliance planning (motor insurance from 2027, other SU divisions), long-term strategy development

FDSS strategy consulting: Optimal scheme selection and strategic positioning between 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: complete mapping of customer data in legacy systems

Data quality audit: completeness, timeliness, structuring for FiDA requirements

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

Implementation roadmap: Realistic time planning and resource allocation for FiDA readiness

Data harmonisation: standardisation of distributed inventories to uniform FiDA-compliant formats

Legacy integration without disruption: API layer for gentle connection of existing systems

Master data management: standardised customer view across all product lines

Data quality automation: AI-supported cleansing, enrichment, 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 according to selected schema standards

Flexible data interfaces: Customisable integration options for different data user requirements

Legacy system integration: Intermediary layer between legacy systems and FDSS standards

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

Multi-FDSS capability: Simultaneous participation in multiple schemes (extended/comprehensive)

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

Consent verification: Comparison of the request with 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 audit trail

Permissions Management Portal: Intuitive consent and cancellation management for end customers

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

Granular privacy controls: Fine-grained control of which data elements are shared

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