Chapter:
API
Use
9
coverage worth up to $8 million. API integration delivers an instant life insurance quote to
SoFi customers.
3
CONNECTIVITY
Insurance often necessitates interaction between multiple parties across many
organizations. In the sales process, there often is an agent/broker or other intermediary.
In the servicing of a policy, a property estimator, mortgage broker, legal counsel, and/or
claims adjuster might be involved.
API technology facilitates cross-company integration and allows clients and partners to
integrate directly with the insurer for real-time access to their data. APIs allow clients and
partners to integrate directly with the insurer for real-time access to their data and
services. This has the potential to smooth what traditionally have been painful
reconciliation processes. Audits for payroll and/or sales and account current billing are
prime examples. APIs also have the potential to move corporates beyond batch
processes into real-time ones.
Example: Allianz Global Corporate & Specialty (AGCS)
In the captive insurance business, transactions are a mix of automation and manual
intervention. There are a multitude of emails and spreadsheets moving back and forth
between multiple entities. This results in high costs and low data quality. Additionally, a
global captive executes numerous international wire transfers through many entities.
Moving money from one place to another is slow and costly.
AGCS built a system to successfully complete an entire captive transaction — from quote
through issuance, and payment — on a blockchain using a banking API. The company
initiated fiat currency bank transfers using the CitiConnect API to transfer between bank
accounts. Money transfers across six entities with multiple transactions were
accomplished in fewer than four minutes, as compared with the previous duration of four
months.
4
3
SoFi Teams up with Ladder https://www.fastcompany.com/90202099/exclusive-sofi-teams-up-with-ladder-to-
offer-revamped-life-insurance
4
Allianz Pioneers Blockchain Prototype for the Captive Insurance Market: https://www.agcs.allianz.com/about-
us/news/blockchain-prototype-captive-insurance-press-release/
Key
Research
Question
2
How are leading insurers using APIs?
Insurance use cases can be grouped into four major
areas: integration, platform, innovation, and
connectivity.
