Open insurance: consumer preferences, trust, and willingness to pay

Abstract Open Insurance applies Open Finance principles to the insurance sector by enabling the sharing of insurance-related data with third-party providers. Despite strong policy interest, empirical evidence on Open Insurance remains very limited. This paper analyses consumer preferences for Open Insurance services using a large-scale survey from the German-speaking insurance markets combined with a choice-based conjoint analysis. The results show that consumers value transparency-enhancing services, such as consolidated overviews of insurance coverage and identification of coverage gaps. Willingness to pay exists but is limited, suggesting challenges for direct monetisation. Trust is a key determinant of acceptance: services offered by established insurers and public institutions are preferred over offerings by new private entrants such as insurtech firms. Overall, the findings indicate that Open Insurance is likely to evolve incrementally rather than disruptively, with trust and usability shaping its economic impact.