"Although most insurers have been building technology for decades, their legacy systems can be inflexible and burdensome to update, making it difficult for carriers to meet customers’ rapidly changing expectations. APIs bridge the gap, enabling them to access and share data without having to swap out all their old technologies."
Jim Bramblett Accenture 23rd Oct 2019
Whilst every point in the article is true what good is an API architecture offering connectivity and data sharing unless the whole platform is truly agile and in the control of the business rather than central IT?
Especially when talking of ecosystems and rapidly changing needs, aspirations and innovation by all the partners involved. Waiting for coders, developers and IT to make iterative changes renders the whole platform inflexible and worse still a laggard.
No Code is the other essential attribute to add to an open API architecture. Then insurers can ensure that both iterative development and world class third party apps and data can be combined in world-beating customer experience and journeys.
Platforms like 360Siteview deliver that today and provide a "future-proof" platform for transformation and both iterative and sea-change innovation.
For further reading see:-
- The Low-Code/No-Code Movement: More Disruptive than you Realize
- What benefits and functionality must a Digital Claims Platform deliver?
APIs (application programming interfaces) are not new or particularly transformational at this point, but they offer significant advantages to insurers that embrace them. They enable carriers to: Share data internally and externally in a way that is safe and secure. Connect with ecosystem partners. Access faster and more agile capabilities, through insurtechs such as Bold Penguin and Catch. See benefits across the value chain, particularly in distribution.
https://insuranceblog.accenture.com/apis-key-to-insurer-ecosystems
