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In today’s highly competitive insurance market, customer experience can make or break a deal for insurers. Consecutively, more and more insurers are adopting APIs to enhance digital capabilities and provide a better customer experience. Application programming interfaces, or APIs, essentially enables connecting different IT systems or applications and allowing them to use each other’s functionality. Furthermore, using APIs in insurance can serve different purposes as well as business opportunities with the potential of bringing with it flexibility and cost-efficiency for selling as well as managing different insurance products. Besides, you can find a plethora of companies offering the best APIs for developing insurance apps in 2019.
Furthermore, there are a number of uses for APIs that can help you in providing better customer service and generating more revenue. Read on to find out five use cases for APIs in insurance business.
1. Public APIs-Insurers can deploy many of the same APIs used internally and with the partners as public APIs to drive additional business. For example, potential consumers may be looking for the best insurance rates. Furthermore, by making an API available to a comparison app, your company has the opportunity to compete for this new business.
2. Device integrations/wearables- One of the most common uses of APIs is device integration and wearable devices. Moreover, vehicle insurance industry is already using devices for monitoring a driver’s behavior and driving habits. Furthermore, these devices use APIs to communicate the data to the insurance company; the company then rewards safer driving and low mileage through lower premiums.
3. Social logins- If your website has a signup option, you can use APIs for instant login through social media accounts- Facebook or LinkedIn profiles. Furthermore, this not only makes the signup easier but also helps to collect valuable market data.
4. Communication- In today’s day and age, you need to be highly responsive to meet the demands of consumers. Many consumers are using chatbots to reach out to the insurance companies. Furthermore, many insurance companies that offer chat features are using an API. Besides, having a chatbot on your website not only improves the consumer experience with your brand, but it also helps your lead acquisition efforts.
5. Office workflow- As in every business, productivity as well as efficiency arevital in any insurance company. Moreover, the ability to complete tasks faster, to save time and effort, not only means less work but also frees up more time for insurance agents as well as customer service representatives to spend collaborating with clients to properly understand their requirements. Furthermore, with something as simple as writing an auto policy, an insurance agent may start and end the process in the two pieces of software- first in the agency management system and then in the underwriting system. Furthermore, this requires the insurance agent to toggle back and forth, rekey data and perhaps even hand off the process to another individual. With API integration, the data is entered once, moves through the entire process with an electronic handoff from one system to another, can even be picked up by a second individual seamlessly.
While these were some of the use cases for APIs in insurance business, there are many others, such as client self-service for FNOL and claims management, fraud detection among many others. Besides, you can find numerous companies offering the best APIs for developing insurance apps in 2019. Besides, API integrations clearly benefit the entire insurance value chain, from agencies underwriters and carriers to consumers.