Brazil is the first country to regulate Open Insurance. The regulator, SUSEP, wanted to leverage the approach taken by Open Finance and adopt the same secure, flexible and useable technologies provided by Raidiam. Using our Directory and Conformance Suite ensures interoperability and compatibility between the two ecosystems, enabling a seamless experience for both insurance companies and consumers. Our open-source functional conformance suite enables participants to test their implementations and publicly certify their successes.
Open Insurance went live swiftly, with over 60 participants registered within just six weeks. This rapid implementation demonstrated the agility and effectiveness of Raidiam’s core technology elements in developing and delivering an entire ecosystem in record time. As a result, consumers immediately benefited from increased access to insurance products and services.
Raidiam provided consultancy on standards and procedures to support the development of the ecosystem; this guidance has ensured adherence to best practices and promoted a consistent approach to interoperability. We also actively engaged with different stakeholders to ensure a common and shared understanding of specifications, certification requirements, and the overall ecosystem dynamics.