Seven Key Takeaways Insurance Companies Should Consider to Better Connect and Modernize Their Systems and Data

Sensedia, a global leader in delivering API solutions for companies adopting a more digital, connected, and open strategy, today released a replay of an informative expert panel discussion sharing seven key takeaways insurance companies should understand to better connect and modernize their systems and data. The insurance industry faces sweeping changes in how consumers and clients want to access their information. Expectations for speedy, easy access to data have grown, and insurance companies are rising to meet the challenge. Sensedia focuses on bolstering digital experiences insurance companies and insurtechs can offer their customers and how APIs strategically maximize ROI and the customer experience. The organization hosted an expert panel featuring Natalia Cruz, Sensedia’s Head of Open Finance, Ricardo Nozuma, IT Services Strategy Superintendent for Zurich Brazil, and Keith Moore, Professor of Practice and Faculty Director at the UNC Kenan-Flagler Business School. Paul Wilke, CEO of Upright Position Communications, moderated the discussion.

Below are the seven key takeaways from the presentation.

What is Open Insurance and How is it Changing the Way Insurance Companies and InsureTech Work?

Panelists discuss the successful convergence of tech and insurance using diverse systems and data to connect. Brazilian companies embraced this challenge and have already developed standards for data sharing related to insurance.

Consumers and Insurance Companies Benefit from Open Insurance.

Today’s open insurance opportunities, the availability of APIs, and the collaboration between insurance companies and technology providers have made open insurance a much more consumable product. Expectations for fast, accurate and secure insurance consumer experiences are now easier to meet through online e-commerce.

Embedded Insurance Benefits from a More Open Ecosystem.

Embedded insurance allows companies to offer the right insurance products from preferred insurers at the ideal time - when purchasing. It helps consumers manage their risk when it’s top of mind, when they’re making a significant purchase. It also encourages insurance purchases from select providers.

How is Insurance as a Service Shaping the Industry?

Insurance as a Service is a new model the industry is exploring and delivering. Historically, the insurance industry worked only with agents to avoid risk. But insurance as a service puts the customer in the center, understanding their needs in real-time and providing protection when they consume a product or a service.

How do Insurance Companies Become More Open and Connected?

A full API lifecycle management platform, like Sensedia’s API management solution, enables open APIs and open strategies. For example, APIs related to the open insurance initiative can be integrated into a consent management module. Hence, the information runs very securely while meeting customer data protection requirements, and information can be integrated into different insurance systems.

APIs Hold the Key to New Challenges.

Insurance is an established industry still working with legacy solutions. APIs allow modernization and make connecting to different channels and partners easier. Companies generate new revenue faster, and APIs bring the speed and functionality to provide what the customer wants to see.

What Does the Future Hold for Open Finance?

The insurance and banking industries continue to face challenges to integrate and combine numerous data and systems in a standardized way. The amount of data is staggering, but also an opportunity to reach new customers, create new products and generate new ROI.

Cruz shares that the industry is becoming more customer-centric, "Following the evolution of open insurance in Brazil, we have seen Insurance companies discussing how important it is to put their customer in the center. We have to create the best experience we can for customers and reduce complexity for them." She adds, “It’s vital to consider the customer experience and how products and services, APIs, security definitions, and data protection can be implemented to benefit all parties.

All three panelists shared that their respective companies are striving to implement more open and connected opportunities and are encouraged by the progress of the insurance industry. Sensedia has high hopes for the U.S. market. Open insurance in the U.S. is not a reality right now, but Sensedia believes that the initiatives happening in Brazil, U.K. and Europe will influence the U.S. market. Sensedia is bringing best practices and professional support to U.S. insurers.

Watch the replay on YouTube.

About Sensedia

Sensedia enables, simplifies, and accelerates companies seeking to become more digital, connected and open through a technology platform and expertise in APIs and Microservices. Whether aiming to integrate channels, enable partner ecosystems or create modern multi-cloud/hybrid architectures, innovative enterprises rely on Sensedia as a partner in API Management, Microservices, Service-Mesh, Open Banking, and enabling rapid legacy integration. More at Sensedia.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005456/en/