I wrote last week about my experience on Main Street, USA. The feeling of nostalgia, mixed with a real sense of hope for the future.
“Having just returned from this year’s InsureTech Connect, walking down Main Street, Rock Port, MO, it all felt so tangible. A deep-rooted sense that we are at a crossroads of our own. A new age. A digital future embodied by innovation, technology, and speed, replacing a lethargic and outdated analog past punctuated by inefficiency. A digital highway is emerging, threating to leave behind anybody who is not on board.”
Stumbling across an old Farmers Mutual Insurance building, paired with recently returning from the innovation charged InsureTech Connect, the emotions were real. A tangible sense of entering a new dawn of not only insurance, but also InsureTech, one driven by partnerships and open collaboration.
Partnerships & Collaboration
I have talked in the past about the role technology plays in building the insurance and customer experience of the future. Innovative technology and customer centric thinking are already driving change across the industry. The path to innovation has many hurdles and there is still a lot of work to do, but the door is starting to open and as customers we are starting to see some advancements around the levels of transparency and service across the insurance value chain. For the future of insurance, we must be cognizant of not taking our foot off the pedal. In laying the foundation for the future, the really exciting work is around the corner.
From an industry perspective, we are starting to see the dividends for the investments being made around technology and the customer. An early wave of innovation, now driving increased levels of collaboration. The recent acquisition of Metromile by Lemonade is the perfect example of two tech and customer-centric innovators coming together to continually improve and drive a better insurance experience. As we look ahead to 2022, the potential for partnerships and collaboration will continue to grow.
The Building Blocks
As we continue to look towards a connected future, how do you make sure you have a seat at the table? That you are in the room where it happens? Some of my previous articles have dived into intelligent automation, smart data, company culture, all key components for any company looking to remain relevant. One capability that is a absolutely core to any company, InsureTech or incumbent alike to partner, is building an API (Application Programming Interface) framework.
What is an API?
An API is a connector of things. It is a set of definitions and protocols that outline how data can be exchanged at speed. The concept is fairly straightforward. The consumer (the caller) connects to and expects to receive data from the producer (the responder). As an example, consider needing to make a request to pull back the risk information for one or multiple properties, at speed. A company like HazardHub can deliver that information to you at lightning speed. A couple of other fun APIs include the Google Maps API, which lets you retrieve information about maps and Twitter has an API that lets you tweet programmatically. Elon Musk’s SpaceX has an API that lets you retrieve launch, rocket, core, capsule, Starlink, launchpad, and landing pad data.
Compared to some of the more tedious and challenging methods of exchanging data, APIs open the door and play very nicely within companies looking to innovate, test and experiment quickly.
“Without APIs, much of what we see and hear about in the InsurTech space today would not be possible.”
The FUTURE
As we WALK, RUN, SPRINT into 2022, I am delighted to announce the launch of the Care Bridge International API platform. For the first time, our entire stack of analytic powered products is available via an API, making it quick and easy to integrate with our medical forecasting reserve products. This not only streamlines and makes integration more affordable overall, but it will also help you to settle claims faster, facilitate accurate claims handling and help drive down friction across the claims value chain.
Let us help you connect and drive your own digital innovation journey. The future of insurance is indeed connected, and strategic partnering can help arm you with the intelligence and tools that your teams are looking for today. Connect with us to see how we can help.
Interested in Learning More about how Care Bridge International’s API?
Contact us Toll-Free: 888-434-9326
Email: Bob@carebridgeinc.com , Chief Client Officer, to schedule a phone call or demonstration
Visit us at WCI360 at the Orlando World Center Marriott for a panel discussion
about the intersection of Artificial Intelligence and Faith on Tuesday, December 14
featuring Care Bridge International’s Founder and CEO, Deborah Watkins,
William E. Pipkin, Jr., Attorney, Austill, Lewis, Pipkin & Maddox
and Desiree Tolbert, AVP, Sedgwick, Lake Mary, FL
About Care Bridge International
Using data intelligence, Care Bridge International offers integrated technology-based solutions for future medical valuations, medical reserve setting, claim settlements, litigation, care coordination, and Medicare Secondary Payer compliance.
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