APIs Enable Integrated and Innovative Insurance Offerings
Increasing competition from new entrants and the availability of modern technology has disrupted the insurance industry, dramatically changing the types of products and services are 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 make it easier to share and expose these APIs, providers are looking for an API platform for collaboration across the ecosystem.