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API Integrations – Why is it Important for your Insurance Business?

Sep 5, 2022

Customer experience has become more important than ever. It’s imperative for insurers to be efficient and digital if they want to attract new customers and retain the existing ones. Historically, insurance agencies have been slow to adopt new technologies. But as customer expectations are shifting, agents are keeping pace with the changing landscape of consumer behavior and technological demand to stay relevant.  

Application Programming Interface (API) integration has emerged as a crucial digitization component and connects different applications & data sources, allowing these workflows to be reused by internal & external parties. API-powered integration enables increased efficiency, smooth workflows and allows agents to meet customer expectations.

1. APIs improve office workflow

Let’s understand this with an example; consider this with something as simple as writing an auto policy. The agent may need to enter the details first in the agency management system (AMS) and then in the underwriting system. With API integration, the data seamlessly moves through electronic handoff from one system to the next. This way, employees can spend their time on more productive, revenue-generating efforts.

2. APIs reduce data entry burden

Insurers can reduce data entry burden to a great extent by using APIs. For instance, if a client’s name is fed into the system with no hyphen, but the agent enters it into another system with a hyphen, two separate records will be created for the same customer making it impossible to see the client’s entire account. This will also result in duplicate mailings and other communication breakdowns. API integration, on the other hand, reduces the risk of data entry errors.

3. APIs improve customer relations and retention

By leveraging APIs, insurance companies are improving customer engagement and providing more personalized offerings. For example, when a customer wants to report an accident and triggers the claim submission workflow on the website, the system automatically pulls in relevant information – policy details, car data, etc. from various systems. This means data accuracy when submitting claims and capturing images or files. Moreover, the system is able to quickly assess which party in the claim is at fault.

4. APIs demonstrate your digital prowess.

Customers nowadays prefer less human interaction and a more digital approach. APIs connected with digital technologies give insurance businesses a forward-thinking image, an important aspect of attracting customers. For example, mobile document signing technology when integrated directly with your agency management software and underwriting solutions can further streamline the process. Customers can log in on their mobile device wherever they want, sign as required and keep the process moving.

5. APIs allow insurtech to remain relevant

APIs have revolutionized the way insurance companies do business. With API-powered integration, insurers can tap into more business opportunities, partner with third-party providers, and gain access to new revenue channels. It benefits the entire insurance value chain – underwriters, carriers, agencies, insurtech providers and end consumers.

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