" IDC expects more insurers to follow AXA and Lemonade in the industry’s API journey to deliver ‘Insurance-as-a-service’ in the coming months and years. There will be challenges on the way such as identifying the right use cases, choosing the right partnership models, and closed mindset within carrier enterprises. But those shouldn’t stop insurers from exploring the great opportunity that APIs offer to redefine insurance sales and service models to cater to the ever-evolving digital ecosystem."
360Gobalnet already offers APIs to enable incumbent insurers warp its digital claims platform around legacy core systems and access external data such as weather.
To deliver personalized products and services of true value through multiple channels in a frictionless manner, insurers need an omni-experience model to engage with its customers, distributors, and the wider insurance ecosystem. The boundaries of the insurance ecosystem will continue to expand to include non-traditional partners such as connected car manufacturers, smart home device manufacturers, wearable device makers, retailers, and real-estate agents while insurers try to deliver great customer experiences. So, the time is right for the industry to embrace Application Programming interfaces (APIs) with an open mind set as they can bring together multiple data sources in a flexible, reliable, timely, measurable and cost-effective manner.