The insurance industry has widely adopted Open Application Programming Interface (API) technology to enhance services and integrate data. To support the growth of the Insurtech ecosystem, the Insurance Authority (IA) has collaborated with industry stakeholders to develop the Open API Framework. This framework provides guidance on integrating Open API into business strategies, covering areas such as API and data categories, third-party service provider governance, and risk management. The IA has also introduced the Open API Central Register, in partnership with the Hong Kong Science and Technology Parks Corporation. This register allows authorized insurers, insurance intermediaries, and their partnering service providers to centrally manage information about their Open API-enabled products and services. It provides convenient access to API data for the industry and helps enhance consumer confidence by offering transparent information. Market participants are encouraged to register and utilize this digital infrastructure.
The Open API Framework: