Earlier, insurance companies have relied on systems of monolithic databases for every back-end piece of information, which includes policies, claims, and accounts. The advancement of IT infrastructure and its tie-up with the insurance companies have led to the Insurance API. With technology advancement, insurance companies are striving for growth opportunities.
The tie-up has led to:
● Increase in revenue
● Better customer experience.
● Partner channels growth.
● Growth in insurer’s efficiency.