In Malaysia, product aggregators have to obtain insurance/takaful product information through either screen scraping or entering into exclusive agreements with the financial institution. Through standardized APIs, third parties including fintech companies are able to develop solutions which target retail customers.
In cognizance of this, the Open API Implementation Group ("Implementation Group") has developed the API specifications which include all relevant artefacts for motor insurance/takaful product information. The Implementation Group welcomes comments on the draft API specifications, after which the final version is targeted to be released tentatively in Q4 2018.
Established in March 2018, the Implementation Group comprise of representatives from the insurance and takaful industry, selected fintech firms, the Bank as well as relevant stakeholders. The member institutions' details are provided under 'Working Group' below.
Members of the Open API Implementation Group are:
- Allianz General Insurance Company (Malaysia) Berhad
- AmGeneral Insurance Berhad
- Etiqa Insurance Berhad
- RHB Insurance Berhad
- RinggitPlus
- iMoney
Any enquiries on the above API specifications can be directed to openapi@bnm.gov.my