Are you tired of slow underwriting processes and data overload? Do you want to speed up your operations and add significant value to your business? Look no further than APIs.

According to Ryan Seager, head of operations at TruStar Underwriting, APIs can act as “operational steroids” for dealing with complex underwriting decisions and policy data. An API is software that allows two devices or applications to talk to each other, which can allow for quicker processes and higher performance.

During a recent webinar entitled “The year of the API,” Seager noted that APIs are not a new technology, but can be “often underutilised effectively in underwriting communities.” By automating the science, calculation, and quantification of underwriting using APIs, underwriters can go back to being the artisans they are.

API technology is the utopian desire to create a very integrated digital ecosystem. By reducing the number of screens and clicks that an underwriting team, an admin team, or a team within a brokerage has to follow to pass data through the system, significant value can be added to your business.

But how can you become “API-first”? According to Matt Carter, practice director for specialty markets at Altus Consulting, it’s important to utilise data and staff. The API-first approach recognises that there’s a connectedness around your business and proposition and that connections lead the conversation. Once you’ve utilised those connections for your own business benefit or potentially for your partners' benefit, you can wrap it all up and deliver some business value.

At Riskwolf, we enable insurers to build and operate parametric insurance at scale using unique real-time data and dynamic risk modelling. By turning real-time data into insurance, we can help streamline your underwriting processes and add significant value to your business. Don’t miss out on the benefits of APIs. Get in touch with Riskwolf today to learn more.

Read the original article by Chantal Kapani at Insurance Times.