Insurance technology has greatly evolved in recent years. With the now widely accepted use of microservice architecture and use of APIs, Insurance Carriers and MGAs can have the technical foundation they need to support and extend their diverse and complex insurance products.
Insurance technology is becoming granular. Insurance Carriers, Managing General Agencies, and Program Administrators are no longer constrained by using one monolithic technology platform for their insurance administrative needs. They can now easily create unique Cloud-based API-centric technology platforms and customer ecosystems that simplify the management of their distribution partners and customers as well as the purchasing and administration of their insurance policies. This new “API” approach to technology provides nimbleness, decreased costs, reduced time to market, and provides unlimited opportunities for new revenue and distribution channels.