Bahaa Abdul Hussein, the fintech expert discusses in this blog about the new urgency shift in the insurance ecosystem.
The environment and ecosystem in the insurance industry is changing. Customers today expect a positive experience with speed being the most importance factor. When a customer contacts an agent, they in turn need to get back to the carrier. This can slow down the process and affect customer experience. An API strategy can help create an open insurance ecosystem that is pro-customer.
Insurance ecosystem and APIs
Like all other sectors, the insurance sector too has undergone digital transformation. An open insurance ecosystem would allow devices, platforms, and entities in the ecosystem to seamlessly communicate. Automation not only speeds up processes but allows companies to offer innovation that is so essential in a competitive world.
Using an API strategy can help bring together all the three key elements:
- Carriers: Carriers can use APIs to engage with customers through third-party sites. This frees customers from having to depend on agents. They can approach aggregators who can get instant quotes from companies.
- Agents: Insurance agents can also benefit from APIs. They can improve their operations and offer a better experience to customers. APIs allow agents instant information, which can help them offer better services to customers. They can tap into APIs to link customer records, policy data, and chatbot transcripts so they get all information in one place.
- Customers: It is now possible for customers to access their account details easily without compromising on security. APIs allow customers to use self-service with the best results.
Building Open Insurance ecosystems
An ecosystem can be built using a well-planned API strategy along with cloud technology. Three are three issues that need to be kept in mind:
- Insurtech partners who have experience and expertise in technology can help carriers build the ecosystem.
- It is important to create an environment that supports innovations and digital transformation.
- Customer insights can be obtained to know what the customer is looking for. This would help in offering a solution that meets customer needs perfectly.
With increased competition, the insurance industry needs to quickly adopt the open insurance ecosystem. This would help them get the speed and flexibility needed for success. Thank you for your interest in Bahaa Abdul Hussein blogs. For more information, please visit www.bahaaabdulhussein.com.
