18 Jun 2018
3 mins read
Digital transformation has brought about accelerated changes in the insurance industry by offering personalized insurance services, connected homes, connected auto, mobile and wearable devices. Amazon and Airbnb have raised the bar of customer satisfaction by offering next-gen services, thus allowing today’s customers demand similar experiences from insurers.
The insurance industry has been slow in adopting innovation. As per a leading industry analysis, 74% of insurers lacked internal skills and technology foundation to drive digital innovation. However, now insurers are looking beyond traditional products and services, for simple, transparent products and true value in their relationships.
Insurers are striving to digitally transform customer interactions, enabling customers to get information dynamically faster, within a limited waiting time. They are looking to deliver core insurance services such as submission, policy changes, claims intake across multiple channels, in a relatively short time.
Implementing any changes or enhancements to the tightly integrated core packages and portals would burden the whole IT landscape. This necessitates the bringing in of composable services, which can be reused across multiple channels and platforms.
Insurers are embracing APIs to bring together multiple data sources in a flexible, reliable, and cost-effective manner.
API technology is a smart way to introduce digital innovation and transformation to the insurance industry, allowing insurers to securely expose data and services to varied businesses, attracting new clients. Insurers can recommend personalized products and services to customers, based on their digital footprints, through API framework. Data can be shared across any device, any channel, at anytime and anywhere including web, tablet, mobile form factors, voice assistant engagement and chatbot interactions using APIs. As per MuleSoft’s 2017 connectivity benchmark report, 94% of IT leaders say they can deliver new products and services to market faster with APIs.
Choosing the right API and designing it to work effectively, will give the desired benefits.
The best approach for enabling digital transformation is by building and managing APIs with a three-layered API architecture (System API, Process API and Experience API) to enable maximum reusability and agility.
APIs hold great potential for Insurers in their digital journey. For digitalization to be successful, an effective API strategy must be in place. APIs help in empowering an ecosystem of related service partners like banks, motor dealers, independent agents, MGA’s and brokers, enabling them to deliver digital offerings and services to their clients. It has also resulted in accelerated transaction efficiencies like leaner claims and underwriting cycles, digitalization of back-end systems, with fewer corrections.
CIOs and CTOs have already geared up to deliver robust API-driven strategies and have significantly reduced the cost of product distribution while addressing high-cost growth constraints.
Posted by : Tapas Vyas TapasV@hexaware.com Ranu Nagdia RanuN@hexaware.com
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