Articles

How To Use APIs In Insurance Business

by Bridge Netins Bridgenetins

With the rise in competition in the insurance industry, it has become more important for insurance companies to provide the best customer experience. Furthermore, adopting an API strategy can definitely enhance the insurance digital end to end experience and deliver better customer satisfaction. An application programming interface (or API for short) essentially enables connecting various IT systems or applications and allowing them to use each other's functionality. Furthermore, APIs help insurance companies build richer applications by easily integrating third-party programs. Moreover, customers can then choose an application perfectly adapted to their needs, constructed from the wide range of options available. Besides, you can find a plethora of companies offering predictive analytics API for insurance companies.

 

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 and managing different insurance products. Read on to find out four API use cases for insurance.

 

1. Mobile app- Customers using the app on a mobile device can benefit from using phone or tablet functions in conjunction with APIs provided by the insurer. For instance, customers can use GPS services with APIs to get directions to the insurance office or an agent, identify the location of an accident, record the date and time to automatically time-stamp claim information and find the nearest insurer- recommended auto repair shop, towing service or car rental location.

 

2. Public APIs- Insurers can deploy many of the same APIs used internally and with the partners as public APIs to drive additional business. For instance, potential customers may be looking for the best insurance rates. By making an API available to a comparison app, your insurance company has the opportunity to compete for this new business.

 

3. Data and analytics- Insurance companies gather large amounts of data about their clients and often perform analysis for identifying marketing opportunities. Generally, the activities target a specific internal audience. Through APIs, insurance companies can make data and analytics more easily available to other internal audiences and realize additional value from data that has already been collected.

 

4. Demonstrate your digital prowess- In today's day and age, customers expect a certain level of modern, digital automation in practically every aspect of their lives. Furthermore, using APIs to connect digital technologies gives your insurance agency the forward-thinking image that attracts customers who value that quality. For example, even something as simple as mobile document signing technology that integrates directly with your agency management and underwriting solutions can streamline the process for clients. Moreover, your clients can log in from wherever and whenever on their smartphone, sign as required and keep the process moving. Even with the personal service an independent agency strives to provide, there will still be clients who prefer less human interaction and a more digital approach, and APIs allow agencies to retain those clients while still addressing their automation expectations.

 

While these were some of the API use cases for insurance, there are many others, such as client self-service for FNOL and claims management, client communication via chat(bots) among many others. Besides, you can find numerous companies offering predictive analytics API for insurance companies. However, it is vital that you choose a reputable third-party API provider. One of the recommended ones is BridgeNet Insurance. They offer a broad range of APIs for insurance businesses and their APIs enable you to generate new income while providing your customers meaningful savings on insurance, no matter your industry. You can visit their website at bridgenetins.com.

 

 

 

 

 

 


Sponsor Ads


About Bridge Netins Freshman   Bridgenetins

7 connections, 0 recommendations, 27 honor points.
Joined APSense since, January 16th, 2020, From Charleston, United States.

Created on Jan 27th 2020 02:24. Viewed 313 times.

Comments

No comment, be the first to comment.
Please sign in before you comment.