Insurance API
What is an API?
In the digital economy today, APIs are everywhere. API is short for Application Programming Interface, enabling applications and devices to communicate and connect with each other. This communication is the backbone of open banking, open finance, and open insurance, and many products and services that we rely on today, such as mobile banking or comparing insurances on a website.
Why are APIs important?
You need APIs because your site, app, or service wouldn't do much without them; whatever your goal is, you need APIs to process orders, collect data, confirm payments, and much more. There are many APIs out there, created by companies and packaged as products, and they are built so you can use them as connectors between your service and another service to your liking.
What are the benefits of insurance APIs?
Open insurance is maintained by accessing and sharing insurance-related data via APIs. The APIs enable insurance companies to collect data from their customers, competitors, and third parties without the need to put in the same information, creating benefits for all parties involved:
Tailored customer experiences
- Helping insurers retain customers
- Efficient internal processes
- Improved customer service
How do they work in the insurance industry?
Insurely's insurance data access allows you to improve your digital customer experience and offering. By accessing data through APIs, you can (with the customer's consent) get information regarding current or potential customers' insurance coverage and use that data to create value for your customers, partners, and the entire organization.
Insurance APIs enables customers to compare their current insurance to new offerings, allowing you to increase your conversion rate. You can also improve the customer experience by offering customers to collect all their insurance policies in one place, creating a 360-view of the customer's insurance.
