Insurance web service (B2B)
A major challenge faced by all providers of the insurance industry is the corresponding online price inquiry and sales channel which is connected insurance core data. Insurance is highly regulated throughout the world and on various bureaucratic levels from local to national. Data pushing to those online channels is less burdensome when utilizing data standards and creating a common ground.
Moreover, when you consider that different lines of business — workers' compensation or auto or liability for instance – require different customer data sets and thus forms, it's easy to understand why data standards are so critical for expedient communication and reporting to the appropriate core insurance bodies.
Why our web service?
Our insurance web service provides the capability to improve the level of customer service by providing immediate, real-time access to online products and information (types of insurances, customer identification details and best choice in accordance with customer’s needs in terms of price, more reliable insurance company and services. Historically, customer information was not available and required the consumer to call their agent who then had to contact the insurer. Web services can streamline this process by making information available to either the agent or the customer directly. This instant access will improve customer service and satisfaction. The key to effective usage is designing applications to effectively use the same Web service for both internal and external usage.
The mentioned solution web service has comprehensively the potential to take complex and/or redundant insurance-required business functions and reduce cost, complexity and time to market. Examples include rating, third-party software interfaces, address look up, territory validation, etc.
The benefits of Web services for insurers center around three interrelated sources: Expense optimization—The ability to dramatically lower the cost of internal and external legacy integration, thereby increasing the ability to leverage third-party information, applications and alliances; Process enhancement—The ability to enhance core capabilities (underwriting, policy administration, and claims processing by tailoring activities and driving function closer to the agent and insured; Strategic flexibility/operating adaptability—Reduced expense and increased process enhancement will give rise to additional managerial degrees of freedom, given reduced time and cost of change.
Standards are critical in helping to move information from the point of sale across borders and back again when claims are settled. We have integrated a few insurance companies (governmental and non-governmental) to offers an easy to use XML API to a merchant like other insurance websites who interested in giving online insurance services.
Today, insurance software vendors must program changes, update new forms, code everything, test it, get it implemented, and make sure agents and brokers are installing the newest version of software – and by the time that happens there might be a dozen new forms and dozens of changes in the old ones. With a Web services interface, updates are instantaneous. It will be much easier for insurance firms to comply with government regulations, and all parties can be assured they'll be using the most up-to-date forms, reducing errors. Furthermore, agent and broker technology system vendors won't need to focus on writing code or testing it. Instead, they can rely on what our web service provides to be functional and timely. And they'll be able to free up programmers to develop other product enhancements.