6 reasons APIs add value in digital insurance

September 7, 2022

To stay competitive, insurance innovators are turning to API technologies that deliver the new digital experiences customers expect. Recognizing the rewards (and risks) is the first step in moving your API strategy forward.

Download this API checklist or read below. 

No. 1: Save money.

Traditional integration is expensive. Modern integration with APIs reduces development and maintenance costs right away and helps you build the IT infrastructure you’ll need for now and in the future.

No. 2: Innovate fast.

APIs provide quick, efficient access to back-end systems and let you introduce a product without disrupting legacy systems. Plus, utilizing shared data reduces duplicate efforts and speeds time to market.

No. 3: Wow customers.

Today’s digital consumers expect you to make it easy to renew coverage, file a claim, and manage policies wherever and whenever they want. APIs that access real-time data let you use the information to engage customers.

No. 4: Secure everything.

Opening up data comes with certain risks. API gateways can throttle usage to limit who pulls data when and how often. And API management security features help prevent unauthorized access.

No. 5: Embrace insuretech.

APIs provide the flexibility and agility to enhance and extend the reach of your solutions by connecting with an extensive ecosystem of external capabilities, data, partners, and even insuretech competitors.

No. 6: Make money.

Monetize your APIs, use them to create new usage-based product, or build a white-label Insurance-as-a-Service platform.

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