API Use Cases for Insurance Companies and Insur Techs

The insurance industry is going through a new wave of digital transformation. This transformation goes far beyond the mere digitalization of processes. It advances towards the integration with an ecosystem of partners, the use of new technologies (IoT, AI+Analytics, Blockchain, etc.), the creation of new digital experiences for their customers and new business models, the collaboration between insurers and insur techs, among other factors.

This evolution is enabled and driven by APIs, which are a standardized and simple means of integration between systems and devices. Through APIs, companies can develop a more agile and integrated IT architecture, compose services with partners, reach new digital channels, monitor real-time integrations to get insights and act quickly, apply security mechanisms, combine legacy systems with new technologies, monetize data and many other features.

But how to start? What can I make available by using APIs? Here are some ideas:

General information about the company and offers

– Types of Products and Services

– Promotions

– Network of authorized partners

– Locations (Brokers, partners, etc)

More specific information

– Customer profile

– Personalization, Contextualized and On-Demand Offers

– Fraud Prevention (Score, Data Confirmation, etc.)

– Alerts & Push Notifications

– Quotations

– Consultation of documents

– Inspection

– Opening of Requests and Status of Claims and Services

Devices

– Camera: Registration of documents

– Wearables: Registration of customer data and sending of push notifications

– Totens: Positioned in strategic places for contracting insurance (travel, car, health, etc.)

– IoT: Sensors send data about some occurrence and the insurance company contacts to send the agreed service

Ecosystem Business

To speed up processes and keep monitoring, you can integrate directly via APIs with:

– Brokers

– Clients

– Regulators

–Partners

Data + Analytics

– Real-time monitoring of integrations and transactions carried out in different channels obtaining technical and business insights

– Aggregated data (demographic, financial, technical, etc.)

– Integration with Analytics and Artificial Intelligence platforms

Internal Operations

– Security Mechanisms, Authentications and Backend Protection

– Call composition

– Caching

– Data Transformation

New Channels, Marketplaces and Platforms

– Putting products on other companies' platforms, white label or not

– Offering products from other companies in their channels through APIs

– Matching bidders and demanders of some kind of product/services

– Creating a store of partners' APPs that use your APIs

Omnichannel

– Customer journey through different channels without breaking the journey (website, chatbot, physical store, app, etc.).

Social

– Collecting/sharing information on social networks

Innovation

– Providing services via APIs in a testing environment for creating MVPs, performing Hackathons, and rapid product launch

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