Security News > 2021 > April > APIs in the insurance industry: Accessing a growing world of data

It's the data that is critical to insurance that is driving the push for more API usage.

From a business perspective, APIs are powering omnichannel capabilities that are increasingly important to ensure policyholders, agents, brokers and partners can consume data and insights during key processes in a way that suits them best.

The application for data and APIs for the insurance industry is endless, together with the promise to decrease the harm, the inconvenience, and the inefficiency that risks bring when they materialize.

As the world continues to fill with data, until AI takes another jump forwards, we are likely to shift our focus from processing large unstructured data towards these IoT devices that will become authoritative, trustworthy, and respected sources of data in insurance.

While a number have managed to enter the market, the majority are tech and data providers that are supporting existing insurers, brokers, and agents with new services to enhance the ecosystem, and nearly every single one is data orientated and API enabled.

APIs are the construct to enable data exchange between parties and across ecosystems.

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