The API economy, fact or fiction

The rise and rise of APIs now fails to touch almost any sector, most business knowingly or unknowingly rely on APIs to function, but not many sectors have formalised any sort of plan to maximise both the use and value out of these small pieces of code.

In part this is often due to a lack of true understanding as to their role, value, importance and opportunity. In Insurance, APIs remain predominantly the domain of the IT department, but for those organisations that get on the front foot and

create a joined up strategy and invest in turning APIs or their availability into assets that your business promotes, nurtures and publishes and commercial benefits will surely follow.

The API economy is simply the use of APIs in the digital economy. APIs help those embarking on a digital transformation strategy to achieve integration and deliver better and new services quicker.?

APIs make it easier to create better user experiences, share data, connect people, systems and much more. APIs used to be relegated to the 'engine room' working to overcome technical challenges within differing software platforms.

Now, APIs are a vital component of enterprise solutions that can positively impact the bottom line.

The below illustrate just some of the thoughts shared on the pivotal role and opportunity APIs present.

I have spoken and written around the lack of our industry really getting to grip with this land of opportunity surrounding APIs, as already mentioned, I know APIs are consumed and deployed, but as I spoke about at a conference last year,

we need to move APIs from the backroom to the boardroom

If you are considering what your API strategy should look like or wish to understand what all the fuss is about, please reach out, at Altus Consulting we have a very user friendly and pragmatic roadmap to help FS businesses

• Develop an API strategy
• Understanding the technologies involved
• Turning APIs into products
• Generating a revenue stream

As this is a topic I am passionate about (albeit from a non engineering perspective) I will be writing more on how the Specialty Insurance Market with distribution at its heart, can use APIs to reach new segments with new propositions effectively.

In short turning specialty risk solutions into API products.

Altus Claims Whitepaper

Last month we released our latest whitepaper looking at new models of claims processing. Achieving great end-to-end #customerexperience in claims runs deeper than some slick #UX although the latter is welcome. Many back-office processes suggest - the industry is far from nailing things.

Click the link below to download your copy or get in touch and I would be happy to send it across.

Specialty Matters Coffee Morning - next week

Come and join me for the inaugural 'coffee for curious minds' a informal meet up for those that know that changing insurance matters. More details in the link below

25th October 2023 8.15AM

One Under Lime, Lloyd's building

Altus is here to help you change

If we haven't spoken for a while more than happy to sit down and tell you more about the market challenges and how we are supporting businesses embrace the change needed and of course hear about your own plans and projects.

Altus help businesses right across the Financial Services spectrum plot a roadmap to digital mastery and maturity, achieving a variety of successful outcomes. Contact us to let us show how our capability models and business architecture experience have been used by companies such as LV=, Virgin Money, AXA and Admiral to name a few, plot a clearly understood route to change.

Altus Specialty markets is part of Altus Consulting with over 60 consultants and programme delivery resources available and experienced in executing strategic, operational and digital change.

#insurance #specialtyinsurance #londonmarket #specialtymatters #Lloyd’soflondon #futureatlloyds #smarterinsurance #altusconsulting