ProtectX5: Open banking could help transform protection

'If there is one time you don't want a cheap product, isn't it to protect the people you care most about?'

clock • 1 min read
ProtectX5: Open banking could help transform protection

Open banking technology could be utilised to improve how clients buy protection products and help “transform” take up across the industry, according to Financial Technology Research Centre director, Ian McKenna.

Speaking at Protection Review's ProtectX5 event today (9 September), McKenna discussed how tools already exist for the industry to improve engagement with protection. "Open banking has transformed the amount of information available on an individual's income and expenditure," he said during his presentation. "So why can't we build products with the flexibility to allow for increases or reductions in cover proportionate to individuals' circumstances? "Advisers worry about setting up plan...

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