On 25.07, @Product_Nation unveiled OCEN - India's open credit protocol

I've spent ~ 3 weeks delving into the Stack and spoken with the good folks at iSPIRIT

I'd like to get a conversation going on a concept - OPEN: India's open insurance protocol
1/5

Firstly, a 101 on OCEN
(h/t iSPIRIT for the sessions)
- From a platform lens, a "single API for credit"
- The iSPIRIT team has devised a protocol for loan originators to "source capital" from the *entire* lending network
- Enabled by the India Stack and new regs (e.g. LSP)
2/5

OPEN would operate in a similar manner as a "single API for insurance"
Whether this evolves as private or public infrastructure, it is clear that "insurance is a feature" (just like lending)
~ 40 digital distribution partnerships via FinTechs this year alone
3/5

Below, I have highlighted OPENs process flow
(Very similar to OCEN!)

I have accounted for
a. An "insurance quote" (insurance is more complicated than lending)
- Premium & schedule
- Policy benefits & exclusions
- Complimentary benefits

b. The role of insurance brokers
4/5

India needs OPEN
- Swiss Re pegs India's protection gap at 92.8%
- Platforms have (new) locked-in distribution

I invite your comments, feedback & thoughts here, via DM or on the LinkedIn post directly https://www.linkedin.com/posts/rahul-jaideep-mathur_open-open-protection-enablement-network-activity-6697054568469065728-UGZu

If you'd like more context on InsurTech in and how recent regulations are enabling E2E digital insurance sales, please feel free to check out my newsletter below: https://insurtechtribe.substack.com/p/update-on-insurtech-in-india-q1-fy