Sensedia, a global leader in delivering API solutions for companies adopting a more digital, connected, and open strategy, presented five key API strategies insurance companies can adopt for digital acceleration. Solutions address real world examples for quicker response to market demands, digital product evolution, cultivating digital ecosystems, generating new revenue streams, and discovering new positioning and leadership opportunities. The company offered this game-changing information at InsureTech Connect 2022.
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“It’s critical for leaders in the insurance industry to accelerate digital transformation and cultivate ecosystem-based innovation if they want to remain top competitors in the coming decade. APIs are the vehicles to drive this transformation and connection. And when implemented strategically, APIs can impact every aspect of a business”
“It’s critical for leaders in the insurance industry to accelerate digital transformation and cultivate ecosystem-based innovation if they want to remain top competitors in the coming decade. APIs are the vehicles to drive this transformation and connection. And when implemented strategically, APIs can impact every aspect of a business,” said Marcilio Oliveira, co-founder and Chief Growth Officer at Sensedia. “We’re excited to share success stories and solutions from our insurance and financial services customers. They’ve revolutionized their business strategies with APIs – from growing new revenue streams, unlocking data, connecting legacy systems and partners, and learning new ways to enhance customer experience. APIs answer many of the challenges insurance companies face today.”
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The five API strategies shared are:
- Ecosystem-based Innovation
- Digital Products Evolution
- Quicker Response Time to Market Demands
- New Positioning and Leadership
- New Revenue Streams
Sensedia shared an example of how they assisted insurance company MAG (Transamerica) in unlocking data and innovating faster through their ecosystem. MAG explored new business models and leveraged its ecosystem and partners to sell through their APIs to more than 35 integrated enterprise partners and 500+ developers registered in their developers portal. With the right APIs, the right design and a solid API Strategy, MAG innovates faster than before. With Sensedia’s support, MAG realized internal and partner hackathons for onboarding and innovation experiments, opening new product development and partnership opportunities.
“We no longer have bottlenecks. Everything is available on our portal, which has become a portrait of the company’s level of digitalization. In fact, a great differentiator against the competition,” said Luiz Henrique Queiroz, Superintendent of Corporate Architecture for MAG Seguros. “The synergy we’ve experienced with Sensedia with platforms and integrations has made new partnerships and business opportunities possible.”
Sensedia is a trusted provider of API management and expert advisory services and playbooks for global insurance and banking enterprises, including BMG, HSBC, Travelex, and MAG (Transamerica), as well as hundreds of brands such as C&A, Electrolux, Natura/Avon, BRF, Cinemark, Essilor, Honda, and HDI. Sensedia was recently recognized as a Leader by Forrester Research, Inc. in its report “The Forrester Wave™: API Management Solutions, Q3 2022.”
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