Corporate News

HKSTP and Insurance Authority Partner to Drive Open Insurance to Power Cross-industry Collaboration in City’s Insurance Sector

18 Sep 2023

Key Takeaways

  • HKSTP and the Hong Kong Insurance Authority propel Open Insurance through the OpenAPI Platform for Insurance Sector.
  • The OpenAPI Platform for Insurance Sector enables insurers, intermediaries, and third-party service providers to display and manage product and services information.
  • Serving as a repository of open insurance APIs, it facilitates cross-industry collaboration and fosters the development of innovative products and services.

(Hong Kong, 18 September 2023) - Hong Kong Science and Technology Parks Corporation (HKSTP), today announced its partnership with the Hong Kong Insurance Authority (IA) to propel Open Insurance through the launch of the OpenAPI Platform for Insurance Sector (also known as the Central Register). “Open insurance” encourages the sharing of insurance-related information between insurance companies and third parties through Application Programming Interfaces (APIs), driving innovation in products and services.

The OpenAPI Platform for Insurance Sector serves as a trusted repository of open insurance APIs. It connects authorized insurers, licensed insurance intermediaries, and their third-party service providers, enabling them to display and manage their product and services information. By providing public access to this information, the central hub stimulates greater connectivity for the development of innovative products and services.

Dr Crystal Fok, Head of STP Platform at HKSTP, said, "From Open Banking to Open Insurance, the path to Open Finance is within reach. By leveraging the power of open APIs, we can unlock new business opportunities arising from enhanced connection, collaboration and innovation. The OpenAPI Platform (for Insurance Sector) empowers insurance companies and tech ventures to harness the potential of Open APIs, delivering impactful financial experiences for the industry."

Mr Tony Chan, Associate Director, Policy and Development Division of the IA, encouraged the insurance industry to leverage the OpenAPI Platform for innovation and partnership. He added, “The establishment of the OpenAPI Platform is indicative of IA’s commitment and efforts in driving greater collaboration among market players, while promoting Insurtech application within and beyond the insurance sector. The IA will continue to join hands with HKSTP and other market stakeholders to nurture a vibrant Insurtech and Open API ecosystem.”

HKSTP drives Hong Kong's thriving API ecosystem by enabling business transformation through data and technology. The recently launched API Hub serves as a reliable source of data and functional APIs for diverse industries. Enterprises can easily access and deploy market-ready data and digital solutions, while technology enablers effectively connect with partners and customers. Moreover, HKSTP partners with 27 banks, providing access to over 1,200 Open Banking APIs.


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