Best Practices for Creating an Insurance Quoting API
The ultimate guide for carriers, MGA-MGUs and their partners
The most exciting digitization technology making waves in the industry today is the quoting API. These APIs allow for bindable quotes to be pushed directly into the portals of trusted partners, on demand, 24/7. API technology is commonly used quoting Personal Home & Auto Insurance, is becoming increasingly widespread in Small Commercial, and is now entering Commercial Insurance Specialty Lines. We’re excited to publish the industry’s first ever API guide.
In May 2021 and in association with Intelligent Insurer, Relay Platform published the first comprehensive survey of insurance brokers and underwriters on Quoting APIs and the Automation of the Quote-Bind process in Commercial Lines. Like mentioned in the Foreword, “APIs change everything for Commercial Lines,” we highlighted the time-warping effect of well-designed quoting APIs from Carriers and MGA-MGUs.
As an insurtech company bringing distribution and underwriting closer together, we have had a lot of experience working with different quoting APIs. We have seen what works and what does not, and we have a wish list, too! With more commercial insurance players showing interest in APIs to advance their business, we now want to pass that knowledge along in the form of several key best practices for developing a quoting API.