Increasing competition from new entrants and the availability of modern technology has disrupted the insurance industry, dramatically changing the types of products and services offered and how these solutions are delivered.
To keep pace, insurance companies are digitizing their services, leveraging APIs to power their modernization efforts. Using APIs, insurance companies can build applications that leverage third-party offerings – providing customers with more integrated and innovative services. Additionally, initiatives such as “Open Insurance” are gaining traction among insurance providers who want to create an ecosystem that enables them to share data through APIs.
To find, connect to, and manage the APIs used in insurance more efficiently, a hub is needed to serve the needs of everyone in an insurance company’s ecosystem – customers, partners and other third-parties. API Hub for Enterprise is designed to address the needs of modern-day APIs. API Hub for Enterprise can be branded and customized by the insurance provider, creating a centralized API hub that can be used to internally connect to, share, and manage APIs. Additionally, third parties can find and connect to an insurance provider’s APIs.
API Hub for Enterprise:
As development teams within the insurance organizations grow and split into multiple teams, they form “software silos” with each group responsible for a specific product or technology. An Internal API hub provides a centralized location for the various teams to find, manage, and connect to all APIs — using a single key and SDK. An API Hub is branded with a provider’s identity and enables organizations to create new efficiencies, accelerating the software development process.
Providers can offer third-parties access to key APIs using API Hub for Enterprise. Using API Hub, providers can collaborate with third-parties to create unique solutions and efficiencies. Using API Hub for Enterprise, providers can create more innovative and personalized services that enhance customer satisfaction.