5 Insurance Data API Systems Changing the Industry

Jun 05, 2023

Technology Trends


In the age of technology, the world of insurance benefits from embracing the latest Application Programming Interfaces (API). Considering that many people are switching carriers due to a lack of digital capabilities, embracing technologies and harnessing the power of insurance data leads to better customer satisfaction, cost savings, and time management. 

How API Systems are Creating Change

The benefits below prove how API systems are changing the insurance industry.

Simplifying Insurance Data Management

Insurance data collection is a long, tedious, and laborious task from the beginning. Filling out tons of paperwork during the submission process is tedious for new clients and makes it hard for underwriters to make decisions. APIs use algorithms to make the process seamless. Customers can quickly go to a website and answer questions. Insurers have instant access to third-party information thanks to internal and external implementations to create the best-personalized coverage.

Integrating Web and Mobile Applications

With the plethora of insurance data available, accessing and using it requires the right tools. Expanding offerings to include mobile applications makes things easier for customers and provides insight into information once obtainable, such as tracking behaviors. Many systems available incorporate portals for agents and sales staff for real-time accessibility, making for better decision-making.

Speeding Up Claim Processing

Slow claims processes have a significant impact on profit margins. API systems on the market increase efficiency, accuracy, and productivity. Most have an innovative design that allows for integrating different systems, creating a connected system that eases finding and verifying information. That information may include historical data regarding hail and wind. Additionally, these technologies allow for processing to happen in real time. Customers can download an app, document auto or property damage, and submit the information in minutes, significantly reducing the time adjusters spend determining damage.

Enhancing Customer Service

While having insurance data quickly within reach provides many benefits, customers still need to come first. Chatbots have quickly risen in popularity, easing the workload of insurance companies and providing customers with instant answers to their essential questions. These systems also allow companies to better monitor and collect conversations, which often get saved in a cloud. Although some people still like to talk to a person, intelligent virtual assistants often have the answers customers need, making it easier to move important queries up the chain to a professional person.

Integrating IoT Insurance Data

As the world embraces smart devices, it opens the door for companies to go beyond typical data collection. Data generated enables insurers to enhance product customization and risk assessment. When used in devices such as drones, it provides claims adjuster access to locations once impossible to reach. These devices often have computer vision, image labeling, and artificial intelligence that automate the task of completing a damage assessment.

Regarding insurance data, everyone in the industry can benefit from APIs. The many different offerings available can help insurance carriers, agents, and partners collect, store and use data to maximize every part of operations.

About VRC Insurance Systems

Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at 541-209-0700.

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