Unlike banks, which must comply with DSP2 regulations and therefore open their information systems using APIs, insurance companies have no similar regulation. But it should be noted that Open Banking has inspired several insurers to go into Open Insuring and benefit from new growth drivers.
However, the majority of customers wish to use digital media in their relations with their insurance. In their article “How to build the insurer of the future” published on June 18, 2018, two insurance specialists working at the consultancy firm EY reveal that more than 80% of consumers plan to interact with their insurance through digital channels (web, mobile application, chatbot, video or telephone). It is therefore vital for insurance companies and their partners (brokers, for example) to acquire innovative digital solutions. Consequently, having an insurance API becomes necessary in order to automate the relationship between insurance companies, their partners, and end customers.
Indeed, by updating their information systems and digitizing existing services, insurance companies can offer new innovative services to their customers. In addition, the implementation of APIs allows the acceleration of collaborations between insurance companies and insurtechs in order to quickly propose new services.
For the end consumer, the insurance APIs are used without even realizing it. The best example would be that of insurance comparators who connect, via API, to different underwriters to offer customers the best insurance offers. As part of our insurance comparison example, solutions such as Particeep Plug allow you to integrate the underwriting process directly on the insurance site or on the sites of its distributors.
What are the advantages of a solution based on an insurance API?
Open and connected API
An open API, which communicates with all your internal applications and with the third-party services of your choice.
Big data technology
An API that allows you to create a catalog of online products, data and customer documents useful for online subscription to your products.
Multiply customer journeys online or through your network of non-specialized brokers and distributors (marketplaces, for example) based on a single solution.
Your customers can subscribe to your insurance products online, in just a few clicks, directly or through your network.
An API allows you to integrate a set of new innovative services into your processes via a single implementation. In addition, if you use an API-based solution such as Particeep Plug, you will be able to disseminate the innovative digital services of the API to all of your internal customer and partner processes and interfaces.
Commercial proposal in real time
Collect customer data and offer tailor-made rates in real time. Your customers join online, and you collect the premiums. The data is then sent to all your management tools. The entire process is offered using the insurance API, which connects to third-party services for managing KYC, for example.
White-label solutions for the online distribution of insurance products and services provide a large number of innovative solutions to help you meet your customers’ expectations. For example, the Particeep Plug subscription process digitalization solution allows you to:
- Collect customer data
- List your products
- Calculate premiums
- Subscribe online: membership, payment and signature
- Manage distributors’ commissions and mandates
- Analyze customer data and reporting
In addition, being based on an API, a set of third-party services enriches the solution:
- Identity verification
- Electronic signature
- Online payment
- Online communication
- Your internal monitoring tools