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Because APIs communicate with one another, they essentially automate the task of transferring data manually from one application to another. APIs improve productivity and efficiency, eliminating the need for businesses to spend limited resources on repetitive tasks. Instead, employees are free to focus on innovation, and higher-level strategic objectives. It also reduces the chance for human error during the data entry process.
If there is one thing businesses have learned over the past year, it’s that both customers and employees need access to information no matter where they are. But legacy systems are often limited to local access, on a desktop computer. APIs can help connect the data contained in a limited application to remote devices, securely, so that both customers and employees can access the information that they require, reducing service gaps and improving the customer journey.
APIs improve the customer journey in other ways, as well. As APIs reduce the administrative burden on employees, they are free to focus on customer service. Moreover, eliminating data silos and gathering more information to analyze helps insurance companies gain valuable insights, which can be used to improve the customer experience. And integrating data from different sources promotes access to real-time data, so that customer relationship management (CRM) systems have accurate, updated information. This helps to increase customer loyalty and retention over time.
Without APIs, processes become disjointed and hard to manage. However, when applications can communicate and work together, processes can be automated and workflows streamlined, further improving productivity and efficiency.
APIs help insurance companies innovate in new and exciting ways, offering new services and products and extending reach to new revenue streams. Categories of insurance APIs that can be applied to improve P&C commercial lines of business include:
