6 min read |
In today’s increasingly interconnected digital world, staying relevant and competitive is a constant challenge for businesses. Ever-changing market demands drive enterprises to embrace digital transformation—leveraging advanced digital and data technologies—for ubiquitous connectivity and seamless flow of data/information through the entire business value chain. With connectivity now setting the terms of the game, adoption of APIs (Application Programming Interfaces) and seamless API integrations are at the heart of a successful digital transformation for insurance firms.
“API is a software intermediary that allows two applications to talk to each other”
Each time you use an app like Facebook, send an instant message or check the weather on your phone, you’re using an API.
The role of Symbo’s APIs in today’s Insurtech Landscape
The insurance industry has long been hindered by manual processes, legacy systems, and complex workflows. However, today’s tech-savvy insurance customers prefer digital transactions and demand better communication. Symbo is adopting advanced technologies and investing in digital transformation for business growth to adapt to the changing times.
“Digital transformation is a priority for 93% of insurers looking to meet customer needs”.
Symbo is increasingly tapping into the power of APIs to drive digital innovation and meet the demand for exceptional digital experiences. APIs allow insurers to create connectivity and facilitate interactions among applications and devices by providing a standard way (protocol) to access data from any app or device, whether on a cloud or in-house server. Such API-led connectivity helps Symbo turn repetitive but complex processes into highly reusable & scalable stacks that drive productivity.
Symbo’s API Use Cases in Insurance
Below are some use cases that harness the power of API’s game-changing connectivity for everything from simplifying claims processing, offering customised products, enhancing risk evaluation, and driving business growth.
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Real-time policy issuance right at the point of purchase
With Symbo CoverGateway API, we’ve multiple options created for the partner brand to embed any asset or life insurance cover in their customer lifecycle. They can directly integrate our API into their existing POS(Point of Sale) & billing systems or use Symbo’s customised API-enabled QR Code purchase journeys.
“Symbo’s QR Code purchase journey implemented for Decathlon Sports India has enabled more than 2,000 Cycle buyers to protect their purchase by scanning a QR code.”
Symbo’s QR Code Tech has helped them issue cycle insurance policies & collect payment by simply scanning QR codes placed in their retail stores.
Seamless & digital Claims Processing
Today’s consumers don’t want to deal with phone calls or paper documents, especially when filing an asset(Eyewear) insurance claim in lenskart. Symbo has built robust APIs & dashboards to track the claims. Using machine learning & AI, Symbo can predict the damage to the asset (spectacle) & influence & bring down the efforts towards the claims approval process. Also, Symbo tech has enabled a completely digital process for customers to file & get the claim processed at a click of a button without visiting the lenskart store.
Customized Product Offerings
Insurance is a data-intensive business. With all the data generated by devices, apps, and ecosystems, our insurer APIs help analyse, process, and manage the data to deliver customised policy offerings and real-time quotations from insurers for any industry to choose relevant offerings to their customers.
Symbo’s APIs facilitate this process by analyzing policy construct & quotes quickly and securely within the ecosystem whenever a partner, embedding insurance, makes a specific request.
Better Risk Evaluation for insurers
Through Symbo’s APIs, insurers can access larger pools of data which permits them to provide more intelligent risk evaluation, real-time fact-checking (in cases of fraud), and reduced underwriting times to their customers. A good example is data from wearables; insurers can analyse APIs connected to wearables to measure “invisible” lifestyle factors of customers (e. g. the number of steps, heart rate, etc.) and evaluate risk tolerance, thereby allowing personalised plans that incentivize “low-risk” behaviours.
The Road Ahead
The future of Symbo relies on API-led connectivity. For insurers looking to achieve the speed, agility, and enhanced digital capabilities necessary for optimising customer experiences, Symbo’s API integrations are a must.
