Written by CFTE’s Experts
API platforms have become a game-changer for a lot of businesses and domains. One industry that has particularly benefited from it is insurance. Application programming interfaces or APIs are a set of code that allows applications to interact with one software platform with another. APIs have transformed how the insurance industry works, and with time we can expect a more productive and beneficial change in this industry.
Here are some interesting ways API platforms have transformed the insurance industry:
All the services provided by, and operations are done by the insurance offices are getting digitised. That means, there is no more need for complex paperwork, and storage is getting easier. Digitalisation of services provides a lot of other benefits, like easy retrieval of data, and little to no loss of data, which was unheard of in non-digital operations.
Insurance fraud was a very big problem in the past. However, with the help of APIs, proper verifications are provided that significantly reduce the chances of any sort of fraud on both ends. This is giving more and more people the confidence to get themselves insured and is revitalising the insurance industry.
Many APIs are available with complex but efficient databases, that allows all the information to be retrieved at the click of a button. This can then be cross-checked and verified, making the process of giving insurance a lot easier. These databases may get even more powerful with time.
Here are some well-known insurance companies that are using API platforms to improve the quality, reliability, and productivity of their services:
This is an American insurance company that made use of APIs to provide insurance to renters and proceeded to provide insurance products that payout automatically. APIs helped its revenue get to about $2bn.
Ping An is the biggest insurance company in the world, located in China. They collaborated with Alibaba and Tencent to launch Zhong An, an online-only property insurance company. Later, they also created the largest medical mobile application for people to seek medical advice.
A lot of interesting examples and use cases exist, for applications of API platforms in the insurance industry. Some of them are as follows:
– APIs are being used, on a bigger level, to have access to databases that allow all the customer information to be retrieved and verified on the spot.
– Many services are being provided with the help of APIs to insurance customers, including online payments and transactions.
– APIs have allowed most companies to provide remote insurance services, making customers free from the need to visit the insurance companies and stand in lines to wait for their turn.
Even now a lot of insurance companies exist that do not use APIs. However, that is going to change soon, because the way things are going, it seems that the survival of insurance companies would become impossible without the API platforms. That’s how integral they’ve become to the insurance industry.
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