The Open Insurance Initiative
The Open Insurance Initiative (OPIN) is a London-based global think tank that develops open API and data standards for the insurance industry, convening nearly 300 member organizations across 35+ countries — insurers, InsurTech startups, banking platforms, VCs, and regulators — to co-design interoperability frameworks through working groups, research, and consulting engagements.
- Company typePrivate
- Founded2018
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What The Open Insurance Initiative does
The Open Insurance Initiative (OPIN) is a London-headquartered global think tank that develops open API specifications and data standards for the insurance industry, operating under the legal entity THE OPEN INNOVATION LAB LTD. Founded in 2018, OPIN convenes a community of nearly 300 member organizations across more than 35 countries — including insurers, InsurTech startups, banking platforms, venture capital firms, legal practices, and automotive/telematics companies — to co-develop standards that define how insurers share data and expose APIs to third parties. Its core product, the OPIN Data Standard, establishes canonical scope, depth, and definitions for open insurance data, complemented by specialized innovation environments (Mobility Lab, Legal & Regulatory Lab, Smart Contracts & Oracles Lab) and a regional working group (Italy Working Group), all coordinated through a Slack-and-forum community platform and a portfolio of research deliverables including the foundational OPIN White Paper and the Open Insurance Blueprint.
The organization's technology stack centers on collaborative standards design rather than a packaged software product: deliverables include API specifications, the OPIN-COVESA alignment with the Vehicle Signal Specification (VSS) for connected mobility, whitepapers contributed to UN/CEFACT, and collective responses to regulatory consultations from EIOPA and the UK Financial Conduct Authority. Distribution is direct-to-enterprise through tiered annual memberships (Corporate, SME, Startup, Premium, Platinum) with quote-based pricing not publicly disclosed, plus bespoke consulting services to regulators and central banks on open insurance implementation. Marketing runs on a community-led model anchored by the online forum, downloadable research content, and participation in industry events, while go-to-market blends community cultivation with a sales-led motion for premium tiers and regulator engagements.
The Open Insurance Initiative firmographics
Firmographics- Name
- The Open Insurance Initiative
- Legal name
- THE OPEN INNOVATION LAB LTD
- Website
- https://openinsurance.io
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- The Open Insurance Initiative (OPIN) is a London-based global think tank that develops open API and data standards for the insurance industry, convening nearly 300 member organizations across 35+ countries — insurers, InsurTech startups, banking platforms, VCs, and regulators — to co-design interoperability frameworks through working groups, research, and consulting engagements.
- Ownership category
- akta.pro rank
The Open Insurance Initiative industry classification
Industry- Product category
- Insurance API Standards
- NAICS
- Other Insurance Related Activities (52429)
- SIC
- Services-Membership Organizations (8600), Services-Computer Programming, Data Processing, Etc. (7370), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)
- akta.pro secondary industry
- Insurance (EDAAAPAH)
Keywords
Where The Open Insurance Initiative is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
The Open Insurance Initiative business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Annual Membership Fees: The organization generates revenue through annual membership fees with different tiers including corporates, SMEs, startups, premium, and platinum memberships. Fees are invoiced in advance and subject to periodic adjustment.
- Consulting Services: OPIN provides consultancy and advice to regulators and central banks around the world, helping with practical and operational design, implementation of industry-level governance, and technical and operational arrangements for open insurance.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Corporate membership tier |
| Subscription | Annual | SME membership tier |
| Subscription | Annual | Startup membership tier |
| Subscription | Annual | Premium/Gold membership tier |
| Subscription | Annual | Platinum membership tier |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
The Open Insurance Initiative product offering
Product offeringCore offering
The Open Insurance Initiative develops and curates the OPIN Data Standard, an open API and data specification defining how insurers share data and enable interoperability across the insurance ecosystem. It runs a global member community of nearly 300 organizations through tiered annual memberships, coordinates innovation working groups (Mobility Lab, Legal & Regulatory Lab, Smart Contracts & Oracles Lab, Italy Working Group), publishes research deliverables, and provides paid consulting services to regulators and central banks on open insurance implementation.
Product overview
The Open Insurance Initiative (OPIN) operates as a think tank and standards organization that develops open API specifications and data standards for the insurance industry. The portfolio consists of the OPIN Data Standard as the core offering, complemented by specialized innovation labs (Mobility Lab, Legal & Regulatory Lab, Smart Contracts & Oracles Lab) and regional working groups (Italy Working Group). OPIN also produces research deliverables including the foundational OPIN White Paper, the Open Insurance Blueprint, and OPIN-COVESA Use Cases. The initiative maintains a community platform with a Slack workspace and forum for member collaboration across nearly 300 organizations spanning insurers, InsurTech startups, banking platforms, and VCs.
Differentiator
Problem solved
Functional benefit
Brands
- OPIN Data Standard: The organization's open insurance API and data standards framework
- Open Insurance Blueprint
- Mobility Lab
- Legal & Regulatory Lab
- Smart Contracts & Oracles Lab
- Italy Working Group
Products and services
- OPIN Data Standard Collaboratively developed open API and data specification defining how insurers share data — including scope, depth, and definitions — to enable interoperability across the global insurance ecosystem. It is the foundational software deliverable of the OPIN community, aimed at insurers, InsurTech startups, banking platforms, and adjacent industries.
- OPIN Membership Program Tiered annual subscription program (Corporate, SME, Startup, Premium, Platinum) granting members access to working groups, the OPIN community platform, research and whitepapers, networking events, and influence over the OPIN Data Standard. Target buyers include insurance companies, InsurTech startups, banking platforms, and venture capital firms.
- OPIN Community Platform Online community platform combining a Slack workspace and a forum that connects the world's largest insurance community of nearly 300 member organizations across insurance lines of business, job vacancies, business opportunities, and direct member networking.
- Consultancy & Advice for Regulators and Central Banks Paid advisory engagement in which OPIN provides industry experts to regulators and central banks to assist with practical and operational design, the implementation of industry-level governance, and the technical and operational arrangements for open insurance.
Quantifiable outcome
- Nearly 300 organizations joined the community across more than 35 countries
- +1 more outcomes
Companies that use The Open Insurance Initiative
Customer profileNamed customers8 records
Segments1 record
Ideal customer profiles3 records
The Open Insurance Initiative technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
The Open Insurance Initiative partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- COVESA (formerly GENIVI Automotive Alliance)coreOPIN has partnered and collaborated with COVESA on the alignment of the Open Insurance API and data standards with the Vehicle Signal Specification (VSS). The partnership aims to enhance and promote the adoption of OPIN standards and encourages shared business and system models in the insurance and mobility markets.
- LUXHUBcoreLUXHUB is a member of OPIN and participates in the Legal & Regulatory Lab working on privacy, security and ethical access to data. LUXHUB represents the Luxembourg financial technology ecosystem.
- Covéa InsurancecoreCovéa Insurance is a premium member actively co-developing leading edge data models and post discovery planning for open insurance implementation. The company has increased its participation from 1 to 4 chief architects in various OPIN projects.
- Mattos FilhominorMattos Filho is a Brazilian law firm that participates in the OPIN ecosystem, contributing legal expertise to working groups.
- UN/CEFACTcoreExperts at OPIN's Legal & Reg Lab participated in an open finance whitepaper for the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), titled OPEN FINANCE TO SUPPORT TRADE FACILITATION.
- EIOPA (European Insurance and Occupational Pensions Authority)coreOPIN has formulated a collective response to EIOPA's consultation on Open Insurance, contributing industry expertise to European regulatory development.
- UK Financial Conduct Authority (FCA)coreOPIN responded to the FCA's Call for Input on Open Finance, providing perspectives on how financial markets and consumers could benefit from principles of sharing access to customer data and common standards for open APIs.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
The Open Insurance Initiative competitors and assessment
Company assessmentDirect peers
- ACORD: ACORD is the global standards-setting body for the insurance industry, developing data standards and forms used across insurance transactions. Like OPIN, ACORD convenes insurers and technology providers around shared data interoperability frameworks, making it the closest functional peer in insurance standards development.
- Open Banking Implementation Entity (OBIE): OBIE developed and maintained the open banking API standards in the UK under FCA mandate. OPIN effectively serves as the insurance analog to OBIE's role in banking, building community-led open API specifications for an adjacent financial services vertical.
Broad incumbents
- BIAN (Banking Industry Architecture Network): BIAN is a global industry consortium developing banking architecture and API standards. It operates as a member-supported standards body for financial services, analogous to OPIN's insurance-focused standards mission.
- Insurance Europe: Insurance Europe is the European insurance and reinsurance federation representing insurers to EU policymakers. Like OPIN, it engages regulators (including EIOPA) on data access and digital frameworks, but at a broader industry-association level rather than a technical-standards level.
- The Geneva Association: The Geneva Association is an international think tank composed of insurance industry CEOs researching key strategic issues including digital transformation and data sharing. It overlaps with OPIN's role as an insurance-focused think tank producing research on industry evolution.
- Open Data Institute (ODI): The Open Data Institute is a non-profit focused on building an open, trustworthy data ecosystem. OPIN shares ODI's mission of promoting open data standards and infrastructure, though ODI operates across sectors while OPIN is insurance-specific.
- LIMRA: LIMRA is a worldwide association supporting the insurance and financial services industry through research, compliance, and technology standards. It complements OPIN's standards and community-building work in insurance, particularly in life and health segments.
Emerging players
- InsurTech UK: InsurTech UK is a member-led industry body connecting insurers, startups, and investors in the UK insurance innovation ecosystem. It mirrors OPIN's community-building role in insurance, though focused on UK-specific insurtech collaboration rather than global technical standards.
- Global InsurTech Alliance (GIA): GIA is an alliance of national insurtech associations promoting cross-border collaboration in insurance innovation. It overlaps with OPIN's mission of building cross-jurisdiction community and standards dialogue around insurance.
Regional players
- Centre for Insurance Policy and Research (CIPR): CIPR is a UK insurance research and policy body producing industry insight and engaging with regulators. It overlaps with OPIN's think-tank function in insurance, particularly around data and regulatory policy, though with a more UK-centric remit.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
The Open Insurance Initiative social profiles
Digital presenceThe Open Insurance Initiative financial estimates
Financial estimateRevenue estimate
Valuation estimate
The Open Insurance Initiative leadership team
Management profileNumber of profiles
The Open Insurance Initiative funding detail
Funding detailFunding overview
Funding rounds
Investors
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The Open Insurance Initiative M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about The Open Insurance Initiative
What does The Open Insurance Initiative do?
The Open Insurance Initiative develops and curates the OPIN Data Standard, an open API and data specification defining how insurers share data and enable interoperability across the insurance ecosystem. It runs a global member community of nearly 300 organizations through tiered annual memberships, coordinates innovation working groups (Mobility Lab, Legal & Regulatory Lab, Smart Contracts & Oracles Lab, Italy Working Group), publishes research deliverables, and provides paid consulting services to regulators and central banks on open insurance implementation.
Is The Open Insurance Initiative a public or private company?
The Open Insurance Initiative is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was The Open Insurance Initiative founded?
The Open Insurance Initiative was founded in 2018. It employs 1 to 10 people.
Where is The Open Insurance Initiative based?
The Open Insurance Initiative is headquartered in London, United Kingdom, in the Europe region.
How does The Open Insurance Initiative make money?
Two revenue lines are on record. Annual Membership Fees are the primary driver. The others are consulting Services.
Who are The Open Insurance Initiative's main competitors?
Direct peers on record are ACORD and Open Banking Implementation Entity (OBIE). Broad incumbents are BIAN (Banking Industry Architecture Network), Insurance Europe, The Geneva Association, Open Data Institute (ODI) and LIMRA. Emerging players are InsurTech UK and Global InsurTech Alliance (GIA). Centre for Insurance Policy and Research (CIPR) is listed as a regional player.
Does The Open Insurance Initiative have an API?
Yes. OPIN develops open API specifications and standards for the insurance industry, enabling insurers to share data and connect with third parties through standardized APIs. The API standards cover data sharing scope, definitions, and interoperability frameworks for the insurance ecosystem.
What industry is The Open Insurance Initiative in?
The Open Insurance Initiative's product category is Insurance API Standards. Its primary akta.pro industry code is FSAGAGAL, Embedded Insurance & Affinity Distribution Platforms, with a secondary code of EDAAAPAH, Insurance. Its NAICS code is 52429 and its SIC code is 8600.