OpenKID Vita

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Monitoring of life insurance products

Market: Insurance, Banks

Regulatory reference: EIOPA Methodology on Value for Money Benchmarks

The analysis and monitoring of the life insurance product market (IBIPs) are critical by data fragmentation and the difficulty in promptly obtaining up-to-date official documentation (KID, GKID, SID, SFDR DIP and CGA). For distributors and producers, it is extremely burdensome to compare costs, performance scenarios, risk profiles (SRI) and quantitative indicators across more than 50 different issuers in a structured manner. 

OpenKID Vita

OpenKID Vita is the Fairmat Business Intelligence SaaS solution that automates the collection, normalisation and analysis of the entire Italian IBIPs product market. The platform monitors insurance companies’ websites on a weekly basis, extracting quantitative and qualitative data from public pre-contractual documentation via advanced algorithms and machine learning.  

Beyond simple consultation, OpenKID Vita transforms KIDs, GKIDs, SIDs, SFDRs e DIP additional IBIPs into structured information through which it is possible to quickly understand the product features and carry out analyses. 

Features

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    Complete Document Archive
    Access to the full history of all uploaded revisions of KIDs and other documents underlying the products. I dati sono costantemente aggiornati: Monitoring automatizzato delle nuove emissioni o aggiornamenti di documentazione con estrazione e validazione dei metadati.
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    Advanced Quantitative Analysis
    Availability of key information such as:
    1. From the KIDs: SRI, performance scenarios, total costs, RIY, cost breakdown, premium type, target market information, underlying type, minimum and maximum duration.


    2. From the additional DIP : minimum and maximum allocation percentage in unit-linked funds of multi-branch products, type of financial guarantee offered, type of contractual option offered at maturity, surrender penalties, intermediation costs and sustainability sustainability at the level of each individual investment option.


    3. Fairmat Exclusive Indicators: Calculation of parameters such as cost break-even, Sharpe Ratio, Gain-Loss ratio on inflation and the VEV estimate.
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    Target Market Analysis
    Extraction of client profiles (knowledge, experience, risk tolerance) and the liquidity score based on what is identified in the documentation.
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    Scoring Profiles
    Creation of customisable synthetic indicators to assess the product’s positioning relative to competitors. È a consultancy, diagnostic, analysis and benchmarking tool designed for industry professionals (companies, distributors, advisers) that provides a 360-degree view of a PRIIPs product.
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    Notification System/
    E-mail alerts for users in the event of new products being published or updates from selected specific companies.

Q&A

OKV displays information on all investment insurance products marketed in Italy.  

The information is sourced from: 

  • KID 
  • DIP Aggiuntivi IBIP 
  • General Insurance Conditions 
  • SFDR Sustainability Documentation 

The main information is updated weekly based on the publication dates of information on the official websites of Insurance Companies. 

Is it possible to make comparisons between the information available in the Solution? 

Yes, it is possible to compare a product with similar products. Comparisons are made on the basis of a specific metric or a set of indicators. 

Yes, it is possible to compare a product with similar products. Comparisons are made on the basis of a specific metric or a set of indicators. 

The platform collects data from over 50 Life Insurance Companies operating in Italy, including:

Alleanza Assicurazioni, Allianz S.p.A., Allianz Darta Saving, Allianz Global Life DAC, Allianz Lebensversicherungs-AG, Arca Vita International DAC, Arca Vita S.p.A., Assicurazioni Vita SpA, Assimoco Vita S.p.A., Athora Italia S.p.A., Austrion Life Insurance AG, Axa Assicurazioni S.p.A., AXA MPS Assicurazioni Vita S.p.A., AXA MPS Financial DAC, Azimut Life dac, BancAssurance Popolari S.p.A., BBPM Life dac, Banco BPM Vita S.p.A., BCC Vita S.p.A., Bim Vita S.p.A., Cardif Lux Vie, Cardif Vita S.p.A., CF Life Compagnia di Assicurazioni Vita S.p.A., UniCredit Life Insurance S.p.A., CNP Vita Assicura S.p.A., CNP Vita Assicurazione S.p.A., Credemvita SpA, Crédit Agricole Vita S.p.A., Eurovita S.p.A., Fideuram Vita S.p.A., FWU Life Insurance Lux S.A., FWU Life Insurance Austria AG, GamaLife, Generali Italia, Genertellife S.p.A., Genertel S.p.A., Grawe – Grazer Wechselseitige Versicherung AG, Groupama Assicurazioni S.p.A., HDI Assicurazioni S.p.A., Helvetia Vita S.p.A., InChiaro Life dac, Intesa Sanpaolo Assicurazioni Dublin Branch, Intesa Sanpaolo Life dac, Intesa Sanpaolo Assicurazioni S.p.A., Italiana Assicurazioni S.p.A., Itas Vita Spa, La Mondiale Europartner S.A., Utmost Luxembourg S.A., Lombarda Vita S.p.A., Mediolanum International Life dac, Mediolanum Vita S.p.A., Nobis Vita S.p.A., NOVIS Compagnia di Assicurazioni, Poste Vita S.p.A., Pramerica Life S.p.A., Sara Vita Spa, Sikura Leben AG, Società Cattolica di Assicurazione S.p.A., Società Reale Mutua di Assicurazioni, Swiss Life (Liechtenstein) AG, Swiss Life (Luxembourg) S.A., UniCredit Vita Assicurazioni S.p.A., Unipol Assicurazioni S.p.A., Utmost PanEurope dac, Vera Vita S.p.A., Vittoria Assicurazioni S.p.A., Zurich Life Assurance plc, Zurich Investment Life S.p.A. 

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