Insurance APIs - Part II: 3 Benefits & Use Cases for Insurance Automation

Insurance organizations need to access a wide range of information from multiple systems on a daily basis. Until recently, this data had to be accessed by manually logging into different solutions and transferring data back and forth. Enter API integrations!

Utilizing API (application program interface) integrations is like having a translator from one system to another.  It allows different networks to automatically exchange information in real-time – eliminating the need for manual data entry, reducing the chance of human error, and saving time through insurance automation. 

In Part I of our Insurance API series, we explored the basics of API integrations and how it can provide insurers with a highly flexible and streamlined flow to automate business processes. Now, let’s look at use cases and benefits of insurance APIs – along with specific applications for insurance entities.

3 Use Cases & Benefits of Insurance APIs

1. Improving Risk Mitigation

APIs have the ability to interact with multiple programs across various platforms, all while gathering data that can be used to identify potential exposures and risks.

For example, an API makes it possible for underwriters and claims adjusters to monitor data from smart home devices, security monitoring units, telematics, etc. API data can be used to identify and evaluate risk factors that have occurred in the past, anticipate what may happen in the future, as well as track events occurring in real time – such as a fire alert going off, moisture being detected in a building (possibly indicating a flood or water damage), or other threats.

2. Creating New Business & Service Opportunities

APIs provide insurers with the ability to connect with other businesses and organizations. By widening their reach, insurers can take advantage of new market opportunities and services to help drive more business. Moreover, providing customers with more options can help improve retention.

For example, are there emerging markets that can help grow your business that you want to tap into? What about opportunities for offering customers a variety of ancillary insurance products and complementary services? Are you interested in creating/expanding new vendor partnerships with external organizations for greater growth? With the integration capabilities provided by APIs, the ability to connect with and share data with other businesses and vendors offers endless new business opportunities.

3. Reducing Manual Processing

With everything from quotes to underwriting, and rating to claims management, APIs can automate many manual processing tasks typically performed by agencies and other insurance entities – without the disruption and expense of having to replace entire operating systems, train staff or hire an army of software developers.

For example, do you want to automate routine workflows such as renewal application processing? What about making it easy for agents to instantly run new business quotes, accelerate the submission process and instantly bind/issue coverage – 24/7 and all online? Do you want your sales team to get more done in less time, creating more time for prospecting and servicing customer needs? With API insurance automation, it’s all possible. 

These are just a few of the ways APIs can help insurance entities take full advantage of all that today’s technology has to offer (without all the disruption). Setting up an automated workflow is easier than you may think. Curious to learn what APIs can do for you? Let’s chat!

About Surefyre Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our application program interface platform makes your life easier by automating the submission, rating, quoting, and binding process for all P&C insurance products.

To learn more, please contact Shawn Gonzales, Advisor & Account Executive at sgonzales@surefyre.com or 415-480-9283. 

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