The “SPOC Vehicle” on the Open Insurance track

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In a world where digitalization is growing exponentially, the insurance sector is not left out of this evolution. The implementation of Open Insurance in Brazil marks an era of transformation where customers, protected by the General Data Protection Law (LGPD), become protagonists in this journey.


The concept of Open Insurance, or an open brazil mobile database environment, allows customers to have greater control over their data, enabling standardized, secure and efficient sharing among different participants in this ecosystem. This model favors greater customization of products and services, transparency in operations, and the possibility of offering new solutions suited to the profile and needs of each customer.


But how is data sharing orchestrated in Open Insurance? This is where the figure of SPOC – Sociedade Processadora de Ordem do Cliente – comes in, a participant in Open Insurance whose rules authorize it to be a public limited company for insurance brokerage and to have a robust governance, data security and confidentiality structure. To better illustrate its role, let us imagine SPOC as a modern and efficient vehicle, specially designed to navigate the technological highway of Open Insurance.


This vehicle is responsible for collecting, with the client's consent, the necessary data from insurers and other entities supervised by SUSEP and then transporting them safely to the destination points where they will be used to create personalized and relevant offers. These “transportation” and data intelligence services with the client's consent are referred to by current regulations as “movement initiation services”, and phase 3 of the implementation of Open Insurance is dedicated to detailing how these services will operate, and is expected to be completed by November 2024.


The role of insurance brokers in this scenario is comparable to that of a qualified driver who knows both the vehicle and the rules of the road. They are the facilitators who help customers understand the benefits of embarking on the Open Insurance “journey”, explaining how their data will be used to provide direct benefits, such as products that are more aligned with their needs and more advantageous conditions.


Furthermore, the personalization achieved through Open Insurance will not only increase customer satisfaction, but will also open doors for the inclusion of new audiences in the insurance market, expanding the reach of products and services in a responsible and innovative way. In fact, there is the possibility of also traveling on the “Open Finance” track, since the interoperability between the open data environments of the private insurance system (Open Insurance) and the national financial system (formerly “Open Banking” and currently “Open Finance”) is underway and will enable several opportunities.