Buying and selling insurance can be a very personal interaction. Clients trust agents to provide sound advice, competitive quotes, and appropriate coverage. You likely have a good rapport with your customers, but what if you could deliver an even better customer experience? Leveraging technology can help.
An API is an application programming interface. If you have a smartphone, you’ve used an API. APIs are lines of computer code that make it possible for digital devices, software applications, IT systems, and data servers to communicate, share information, and tap into each other’s functionality.1 Some of our partners connect to Pie using an API.
In general, there are three types of APIs:
Not all that long ago, information technology in the insurance industry relied mainly on huge central databases that contained all of the policy, accounts, and claim information, and handled all of the back-end processing tasks. But this type of closed system limits agencies’ ability to deliver a responsive customer experience in real-time and hinders the ability to talk to other systems that can make your job easier.
In the insurance industry, APIs can connect disparate technologies to:
According to technology gurus CB Insights, there are four main ways that insurance companies are using API technology:
One of the most common ways agents have implemented an API is online sales. First, the broker or future policyholder uses a website or app (front end) to input data. Then a back-end system calculates premiums, produces relevant documents and account files, and securely stores policy data. For this system to work, an API is needed to enable the front end to “talk” to the back end and facilitate the pushing or pulling of data.
Other examples of APIs in insurance include:
APIs are a simple, cost-effective way to share information, boost productivity, and enhance customer service.
Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.
