ITC DIA Europe

Comadso: How to tackle open insurance

Written by Jolijn Schalkwijk on Apr 30, 2024

The proposal from EU legislators, known as the FIDA regulation (Financial Data Access), was proposed on 28 June 2023, and means that fx. insurers must provide easy access to their customers’ private insurance data by law, so that third parties, with the customer’s consent, can digitally obtain the customer’s policies, coverages, prices, deductibles, discounts, etc. and relieve the customer of this complicated and time-consuming task themselves.

Comadso provides insurance technology and product comparison to the insurance industry. Comadso does not only provide the technology that can retrieve digital documents from insurance portals and backends, but it also compares the current insurance documents with new insurance documents from a new potential provider. Doing that, its comparison engine runs through around 300-400 pages of complex insurance documents within seconds, including the terms and conditions, and provides a customer-friendly overview to the insurance company. They can pass this on to their potential new customer to inform them about where their products provide a difference for the customer.

Comadso’s data on the actual terms and conditions will enable insurers to not only easily compare the simplest data like coverages, prices, deductibles, and sums insured, but also the most complicated data, namely where the text-heavy documents such as terms and conditions between two companies on the state side are different from each other.

How it works

With the upcoming EU regulation on access to financial data (FIDA) about to overtake PSD2 from 2015, insurers face new challenges around data sharing. Comadso’s technology helps insurers stay competitive by offering detailed insight into terms and conditions through an API that improves service quality and customer loyalty, allowing companies to avoid price wars, and win and retain far more customers.

The upcoming EU regulation on access to financial data fulfils the EU’s desire for greater transparency and competition among insurers, which Europeans experienced in the banking and payments area in 2015 with PSD2. This means that insurance companies, with the customer’s consent, must ensure easy access for other companies, providers, and third parties to customers’ policies, terms and conditions, invoices, etc. The challenge is that the policy and the terms and conditions complement each other but have an anomaly. With Comadso, insurers can put a customer’s risk profile into its software and get evidence of where their own insurance product better meets the customer’s needs, based on their specific risk profile in relation to where they are currently insured or where they are going.

Why did we select Comadso for ITC DIA Europe Amsterdam?

Comadso’s Terms and Conditions Experts update daily more than 100,000 pages of Terms and Conditions (T&C). They have for the past 15 years entered insurance product and wording differences in coverages, indemnities etc. from thousands of terms and conditions belonging to hundreds of different insurance carriers into their SaaS real time system in order to have one single access point of market differentiators which is used by insurers for different purposes. Last year, Comadso won 2 ITC DIAmond Awards at ITC DIA Europe in Barcelona and Munich.

Mikkel Holm-Dræby, Market Director, and Mette Bager, Customer Success Manager, are on stage at ITC DIA Europe Amsterdam, to talk about the topic of Open Insurance/Open Finance.

Who is Comadso?

Comadso was founded in 2008 by Rasmus Meineke. Comadso is an Insurance Product Analyst Company, that provides transparency to the insurance industry for multiple purposes like product development, underwriting, marketing, sales, retention etc. Comadso is represented in Spain, Poland, Holland, Norway, Sweden & Denmark covering approx. 128 million citizens through 7000 insurance professionals in those 6 countries.

Rasmus Meineke, Founder Comadso
Team Comadso
Amsterdam 12-13 June

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