SchemeServe, a leading cloud-based provider of insurance software, has today launched API Builder, a new market first facility allowing schemes brokers to add any API (Application Programming Interface) to products themselves without needing any additional development.
Simple but powerful, APIs are widely heralded as the key to designing customer centric policies with minimal questions sets and enabling more accurate underwriting and pricing. APIs are used to get 3rd party data in and out of a platform. For example, this might include data from Companies House, or food hygiene ratings from the Food Standards Agency for certain commercial schemes including commercial combined policies. In Marine, with the right API integrations, customers only need to give the shipping number and all other data fields can be populated automatically.
Adam Bishop, Founder and CEO of SchemeServe, comments: “These are just a few examples of the power of APIs. The possible integrations across most lines are endless. Getting automated access to the data speeds things up for the customer, informs the underwriting for accurate pricing and improves the CRM, giving MGAs and insurers an easy way to innovate and differentiate themselves in the market.
“This is the way the market is heading. MGAs and insurers were increasingly asking us for custom API integrations, so we decided to build a simple ‘DIY’ system that allows them to integrate with any API themselves. No lengthy design schedules or costly projects that run over time and budget…they simply choose their API and hook it up. We have a recipe book of the most common and requested APIs, but the sky is the limit really.”
Insurers have been using APIs for years in a limited fashion, but the API Builder uses ‘REST APIs’ that offer greater possibilities and speed.
Adam Bishop continues: “This launch is highly significant, particularly in the current market where brokers will be looking to innovate to be more customer centric, to save time and be more efficient and to maximise income from niche areas. The SchemeServe API Builder does all the leg work.
“This latest launch is one of many new initiatives we will be launching over the next 12 months. We have a highly experienced team of developers and web designers with exciting UI and UX capabilities that promise to transform the schemes market. This year we celebrate our 20th anniversary, making us a veteran Insurtech and I’m thrilled that SchemeServe continues to be at the forefront of schemes innovation.”