How To Use APIs In Insurance Business
by Bridge Netins BridgenetinsWith 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.
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Created on Jan 27th 2020 02:24. Viewed 313 times.