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This submit is a part of a sequence sponsored by AgentSync.

Insurance coverage has loads of enjoyable abbreviations. In truth, the content material is so wealthy that I’ve written a number of articles just like the one under. This one and This one I will attempt to cowl as a lot as doable. These articles will cowl NPN, NAIC, P&C, and so on. intimately, however on this article we are going to discover a brand new space within the insurance coverage acronym block: APIs.

Though not restricted to the insurance coverage trade, APIs have gotten more and more standard amongst insurance coverage and insurtech organizations, and for good purpose. So let’s leap right into a dialogue about APIs, together with what they’re and why they’re necessary in insurance coverage.

What’s an API?

Whereas it could really feel like simply the most recent buzzword being thrown round by tech firms, APIs are greater than only a passing development. API stands for Utility Programming Interface and refers to a center layer of software program that enables knowledge to be transferred seamlessly between two totally different methods.

Merely put, APIs permit purposes to speak with one another. Though there are totally different API buildings (extra on this later), the top objective of every is to offer a extra accessible and standardized manner for organizations to share knowledge each internally and externally. is.

How does the API work?

To grasp how the API works with out getting slowed down in tech jargon, let’s check out a situation you have in all probability skilled earlier than: calling an Uber. Sho.

Whenever you request transportation utilizing a rideshare app, you work together with an API. The Uber app connects to the web and sends knowledge akin to your location and desired vacation spot to a server. That server retrieves the info, interprets it, and sends the related knowledge again to your app. The app then interprets this new knowledge and shows it in a manner that the consumer can perceive, akin to journey fares and estimated arrival occasions.

The API works as quickly as you open a experience request. A final-minute Uber request to the airport is shipped to the API, which retrieves knowledge akin to present site visitors circumstances, accessible drivers, and quickest route, and returns the info in a manner that makes the vacation spot clear. to overlook the airplane.

What forms of APIs are there?

APIs could be divided into a number of totally different “sorts” relying on how they’re categorised. One widespread strategy to differentiate APIs is by their goal customers. On this case, it may be divided as follows:

  1. Public API: Public APIs, also referred to as exterior APIs or open APIs, can be found to builders and customers with few or no restrictions. Think about the instance of Uber.
  2. Non-public API: Non-public APIs, also referred to as inner APIs, are hidden from exterior customers, and organizations that construct and preserve personal APIs don’t share them for exterior use. Non-public APIs have extra restrictions and might solely be accessed by approved people.
  3. Accomplice API: Accomplice APIs are helpful media that firms construct and preserve for their very own use and that of their strategic enterprise companions. Sure authorizations are required for customers to entry accomplice APIS, which aren’t publicly accessible.

One other widespread strategy to categorize APIs is by their construction. You’ll have heard of the 2 commonest API buildings: SOAP and REST. Do not mistake it for a really simplistic self-care routine.

What’s SOAP API?

Easy Object Entry Protocol, referred to as SOAP, is an API construction sort that helps complicated knowledge change. The SOAP construction is just like the originator of the API construction. It’s older, extra established, higher outlined, and extra tightly managed than different architectures.

One of many important variations between SOAP and REST is that the SOAP API permits knowledge to be exchanged solely in XML format.

A fast word about knowledge codecs

Knowledge codecs are guidelines for structuring knowledge in order that it may be saved or shared throughout totally different networks and databases. Knowledge codecs decide preset specs for a way builders arrange knowledge.

Two widespread messaging codecs are JSON (JavaScript Object Notation) and XML (Extensible Markup Language). XML supplies the flexibility to construction knowledge in a fancy but free-form method and is utilized in all kinds of various applied sciences. Compared, JSON is a less complicated format, nevertheless it has grow to be the lingua franca for REST APIs.

SOAP was one of many first standardized API codecs within the discipline and has been efficiently used for complicated knowledge change. Nevertheless, strict guidelines and fewer flexibility have made it much less standard in comparison with different API sorts.

What’s REST API?

Developed by American laptop scientist Roy Fielding Representation state transfer architecture, generally referred to as REST or RESTful, is one other method to constructing APIs. The flexibleness and talent to ship knowledge through XML, JSON, and different messaging codecs has established REST buildings as an alternative choice to the constraints of SOAP.

REST APIs have a wealthy ecosystem of software program instruments and are simply accessible from standard programming languages ​​akin to Java, C#, and JavaScript. REST APIs are standard as low-cost, high-reward software program as a result of they reap the benefits of the most recent instruments.

REST APIs are typically documented in OpenAPI format, making it simple for builders to find out precisely how the REST API works and what it does. For instance, anybody (with the technical know-how) can view it. ProducerSync API documentation for AgentSync and resolve the right way to use it.

General, the principle attraction of REST APIs is their scalability and suppleness. Builders can shortly and simply combine REST APIs with their present software program with out a lot further effort.

Why are APIs necessary in insurance coverage?

You’ll have clicked on this text merely since you had been interested by APIs. In that case, I hope I may also help you. Nevertheless, you are in all probability right here to be taught why APIs are necessary, and extra particularly, why they’re necessary within the insurance coverage trade.

Broadly talking, whole industries are leveraging APIs for digital transformation. By incorporating APIs into your small business operations, you possibly can:

  • Enhance the shopper expertise by growing effectivity and growing the personalization of your group’s services and products.
  • Cut back handbook work and save your workers worthwhile effort and time.
  • Save prices and downtime by eliminating the necessity to develop and combine purposes from scratch.

Insurance coverage firms and companies have some nice use circumstances for APIs, from compliance knowledge to claims processing, cost processing, and background checks. In relation to insurance coverage, Requires current producer license and onboarding data at time of action. By leveraging APIs, carriers, companies, and MGAs can entry up-to-date knowledge when and the place they want it.

API integration is particularly helpful for insurance coverage organizations that have already got a strong, extremely built-in expertise stack in place. For instance, conventional carriers with bespoke methods could also be reluctant so as to add one other layer of absolutely developed software program to their expertise stack, akin to a standalone compliance resolution. . As a substitute, it could be extra environment friendly and cost-effective to string API knowledge via your present system.

Humanize your knowledge with AgentSync’s ProducerSync API

AgentSync’s ProducerSync API is a REST API that gives entry to over 200 knowledge factors, together with producer licenses, provider reservations, and adjuster licenses. Correct, easy-to-understand knowledge is delivered straight into present methods, permitting groups to eradicate hours of analysis and guesswork from their workflows.

Are you prepared to begin leveraging APIs to extend your velocity of monetization, make your compliance workforce extra environment friendly, and scale back enterprise danger? Contact AgentSync right now.

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