Open Insurance is finally coming to Australia… what does this mean for insurance?
April 14, 2022
Open Insurance is coming! On 24 January 2022, the Treasury released the Consumer Data Right (CDR) Strategic Assessment Outcomes Report (Outcomes Report). The Outcomes Report recommended expanding Australia’s CDR to Open Finance. The recommendation follows the launch of open banking in Australia in 2020, and a number of reports concerning the expansion of the CDR including the First Interim Report of Australia’s Select Committee on Financial Technology and Regulatory Technology handed down in September 2020.