Top 5 Use Cases For APIs in Insurance Business
by Bridge Netins BridgenetinsIn 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.
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Created on Feb 11th 2020 04:18. Viewed 441 times.