InsurTech4Good.com Weekly Newsletter – #31, 2025

First things first. I’m pleased to share that I have joined the Cambridge Centre for Alternative Finance at Cambridge Judge Business School, University of Cambridge as an AI Research Analyst on the AI in Financial Services 2030 Global Surveys project.

The AI in Financial Services 2030 Survey is now live. Please help us build the most comprehensive picture to date of AI in financial and insurance services.

This global study benchmarks AI adoption across financial institutions, including insurers, fintechs and InsurTechs, AI vendors, and regulators/supervisors.

The project supported by leading multilateral institutions, including the BIS, IMF, World Bank, CGAP, WEF, and IDB.

As part of the project team, I focus on insurance, InsurTech, and regulation. 

I would be grateful for your participation and for sharing the survey across your networks.

Everything you need to know is here. 

Now to the news!

Andres

Open Finance Report 2025 

I wrote an article for The Paypers’ just-published Open Finance report on how the Framework for Financial Data Access (FiDA) is powering a stronger, smarter financial future for Europe.

The European Commission has set ambitious goals for 2024–2029: a faster, simpler, and more united Union.

As underlined in the recent State of the Union speech, the message is clear: less fragmentation, more capital for European scale-ups, stronger fairness standards, and greater innovation capacity.

FiDA is central to this vision. It is more than a data-access framework; it is the foundation for delivering the Savings and Investment Union (SIU).

And the SIU is about growing markets, bringing more consumers into financial services, and creating opportunities for all.

This is a major opportunity for consumers, financial firms, innovators, and for Europe as a whole.

Let’s make it happen.

Read my contribution and the full report here. 

Agents of change: Agentic AI and the future of financial

Imagine a personal bot that shops for the best insurance, manages bill payments, optimizes savings across accounts, and even negotiates mortgage rates.

Agentic AI has the potential to reshape financial and insurance business models in ways not seen since the advent of the internet.

But it also raises fundamental questions about trust, control, and risk.

Read more here.

The future of finance is open, human-centric, digital and cross-border

Estonians are reluctant to change banks. Over the past five years, only eight percent of Estonians have switched banks. 

That morning’s headline prompted me to think again about open finance.

According to banks, the main reason for this low number is people’s habits and perceived hassle of switching. And I think that is the key point.

Yes, measures such as reducing costs can help, for example eliminating notary fees in some mortgage-related cases. But these kinds of changes do not address human nature.

If we truly want to increase competition and get people to switch financial services, the process must be extremely simple and intuitive.

As the article points out, I also do not believe that a single legal provision can solve this. But it can be supported through enabling regulation such as open finance.

Open finance would make it quick and easy to compare products, their features, and prices, not just individually but together. A mortgage, for instance, is often tied to home insurance, payment protection, or life insurance.

All this makes switching decisions complicated in practice, and people do not want to deal with that.

Open finance, on the other hand, would create the conditions for innovation without prescribing how it must be done. The market could then use it as a competitive advantage.

One leading bank in Estonia recently launched a solution where, when refinancing a mortgage, I no longer have to manually send my various account statements. I just give PSD2 consent, and with one click they are all sent automatically. I actually applauded the last time I used it.

That is just a small example, a beginning.

Of course, this is not only an Estonian issue. The same questions exist across the EU. I think we are actually in a good position.

And as always, I would link this to the broader policy level. In some ways, all this would also contribute to the European Commission’s Affordable Housing Initiative, which is one of its priorities.

I summarised my thoughts and published an article in the local news. You can read key points here. 

European Insurance Overview Report 2025

The Annual European Insurance Overview is an extension of European Insurance and Occupational Pensions Authority (EIOPA)'s statistical services in order to provide an easy-to-use and accessible overview of the European (re)insurance sector.

The report is based on annually reported Solvency 2

information. This ensures that the data has a high coverage in all countries and is reported in a consistent manner across the EEA.

The report is objective, factual and data driven and does not contain analysis or policy messages.

It is useful for both regulators/supervisors, and I often recommend it to startups to understand where they might want to expand. 

Read more here. 

Artificial Intelligence for Financial Sector Supervision

This report maps the state of AI adoption in supervision by financial sector authorities across emerging markets and developing economies (EMDEs). 

It highlights the practical issues, challenges, and risks that authorities encounter when deploying AI and supervisory technology (SupTech), and it situates these findings alongside recent work on global AI governance, risk-based supervision, SupTech uptake, regulation of AI in finance, and financial stability. 

Read more here. 

Gallagher Re Global InsurTech Report for Q3 2025

The 2025 series of Global InsurTech reports examine the role of Artificial Intelligence (AI) in our industry, exploring its application and use cases in the largest classes of business written (in premium terms). 

This third report in the 2025 series will focus on commercial insurance.

Key findings for Q3

• Global InsurTech funding was USD1.01 billion in Q3 2025
• InsurTech saw just 76 deals in Q3 2025, the lowest count since Q2 2020
• Early-stage InsurTech funding ticked up 6.8% quarter on quarter
• 74.8% of Q3 2025 InsurTech funding went to AI-centered companies
• Commercial-focused InsurTechs raised USD470.67 million in funding over Q3'25
• (Re)insurance companies backed 51 tech investments in Q3'25 - a record high

Read more here.

Hope you enjoyed the read!

Andres

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