AXA Singapore has launched an insurance-as-a-service API to make it easier for digital channels to integrate their products. This is in response to the Monetary Authority of Singapore’s (MAS) intiative to foster more innovation within Singapore’s FinTech sector.
AXA’s first end-to-end transactional insurance API which helps boost consumer engagement through simple and seamless integration
How it works?
AXA’s API essentially makes it easier for it to provide personalised products by integrating them into digital ecosystems and providing a standardised platform into which insurers can integrate their products. These APIs can then be embedded into native apps, websites and other digital channels.
Currently, AXA’s API supports home, travel, and motor insurance offerings whereby its digital partners with complementary offerings can integrate their solutions from prospecting and quotation to policy issuance. Furthermore, in Q1 2018, the API will be extended to other lines of business to allow third party channels and platforms to handle customer and policy support capabilities.
Recently, AXA partnered with SATS Ltd where AXA’s API was integrated with SAT’s Ready to Travel app, enabling seamless insurance coverage to customers when they are planning their trips.
Axa’s Tomasz Kurczyk summarized Axa’s approach in this instance: “From revolutionising the way insurance is bought and sold, to supporting new pay-per-use business models that provides insurance on demand, we are taking a major step in realising AXA’s Payer to Partner vision. This initiative enhances the strategic offerings of AXA and our partners, placing us at the forefront of insurtech.”
Benefits to customers
Improved customer experience
Tailored policies as opposed to generic advertising
Lower transaction times
Benefits to insurers
Improved customer engagement
Improved transparency and control due to close integration with partner platforms
The Digital Insurer's View
AXA’s insurance-as-a-service (IaaS) solution could to be transformational as the cross selling of property insurance on third party platforms is still relatively crude when compared to how policies can be tailored using location data, user behaviour data and customer profiles held by third party platforms. If implemented correctly, this API from AXA could optimise the conversion rate and average premium for both AXA and its channels in Singapore.
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