We happy to announce the publication of a new market study titled “THE PIONEERS OF EXTERNAL INSURANCE APIs”.
With application programming interfaces (APIs) increasingly playing an important role in deploying insurance services, it is essential that an assessment is made of innovations that insurance carriers and intermediaries are making in APIs and developer portals to advance their ecosystem roadmaps.
In its premium market study “The pioneers of external facing insurance APIs”, Robosque provides a rich description of the approaches used by insurance carriers, InsurTech startups and banks in augmenting the user experience.
APIs are thought of as the key to effective digital partnerships in the financial markets and have increasingly become a tool for startups to dislodge long established incumbents. While in the future, no individual company could possess all of the resources, time or capabilities required for success, it is alarming that our research points to that only 6% of the world’s largest insurers deploy external APIs.
The study takes the reader closer to identifying the product characteristics, capabilities, strategic positioning, emergent models of integration and value co-creation needed for building an insurance ecosystem.
Robosque leverages its wealth of data and insights being in the driving seat in the development of standards for open insurance interfaces. Having led the launch and the promotion of The Open Insurance Initiative, it has tracked hundreds of insurance operators across the world to extract information on repeatable successful innovation strategies.
For more details on how the pioneers are rethinking from the ground up product design, creating API inventories, adjusting business models, and employing open innovation dynamics please visit this link.