Why make it complicated when it can be simple? Here are 5 reasons why integrating an open API into an insurer’s or bank’s internal system pays off.
1. Integration – the API enables a direct connection to the insurtech application’s data and functions, which, for example, reduces the need for manual data entry.
2. Underwriting and behavioral data – the application collects more data with a higher degree of client specificity and personalization, enabling better risk assessment, pricing, and rating of “pay-how-you-drive” products.
3. Embedded insurance – insurance can become part of another product, e.g., a vehicle purchase with motor third-party liability (MTPL) insurance, or a vacation package with travel insurance.
4. More agile development and faster testing – introducing and then testing new technologies is quicker, which can give you a competitive edge, especially in today’s fast-moving era of AI technologies.
5. Ecosystem – an open API helps build a network in which all stakeholders can collaborate and profit.
If this sounds like a dream of the future, for us at Verzuz it’s a reality, one already used by 12 partner insurers, the 2 largest players in the Czech used-car market, and the largest Czech brokerage firm.
