“ APIs enable two disparate systems to talk , so that users can leverage functionality and / or data from multiple applications at the same time without having to visit multiple systems or apps ”
Rick Hyde , Insured Connectv
Magic behind the curtain
There are lots of reasons why there may be a seamless digital experience , and more and more these days the driving force behind it is application programming interfaces ( APIs ). In its definition of APIs , the website APIfriends . com says , “ APIs are a set of functions and procedures that allow for the creation of applications that access data and features of other applications , services , or operating systems . Good APIs make it easier to develop a computer program by providing all the building blocks , which are then put together by the programmer .”
The implication in that definition is that the more robust the data being accessed , the more benefit APIs can realize . That leads to the question of how in a data-rich industry like the financial services business , APIs can be best utilized .
Taking advantage of the data
Working toward the goal of helping this business take full advantage of the power of APIs is Rick Hyde , president and founder of Ticoon Technology and president and co-founder of Insured Connect . Ticoon has developed multiple platforms that aggregate in-force life insurance , investment , banking , and other secure data feeds onto a single platform for life insurance distributors , advisors , and policyowners . Ticoon has worked with many of Canada ’ s top life insurance companies and investment firms to provide them with access to a single view of the book as well as tools to engage their clients and cross-sell additional products and services .
In 2017 Mr . Hyde launched Insured Connect , a US-based company that focuses on creating a single in-force data and policy service platform ( called “ NIC ”) for the United States life insurance business . Insured Connect is currently partnering with more than a dozen life insurance carriers and dozens of independent life insurance distributors who have adopted NIC as their in-force policy service solution . Mr . Hyde has been creating technology platforms in the life insurance and financial services space for more than 20 years .
Consolidating into one solution
Mr . Hyde told us where he sees APIs adding value to the life insurance business . “ APIs enable two disparate systems to talk , so that users can leverage functionality and / or data from multiple applications at the same time without having to visit multiple systems or apps , essentially consolidating multiple thirdparty ‘ best-of-breed ’ capabilities into one solution . This is very important in the insurance industry where agents and brokerage general agencies — BGAs — typically do business with multiple carriers . Currently , BGA users and agents need to visit multiple carrier websites to update policy information , like making address changes , beneficiary changes , etc . Each carrier process is different and requires separate logins and so forth . It is therefore timeconsuming and frustrating for users , and for that reason often does not get done .
“ In an ideal world ,” Mr . Hyde continued , “ NIC , my firm ’ s single in-force data and policy service platform , would have a single address-change feature and would connect to the carriers ’ address-change apps through an API . The users could make the address update once — on a single interface that they become accustomed to — and then it would connect to the carrier systems through an API to pass the address change information to the carrier . The carrier is comfortable receiving the change through the API because they know it is a secure channel and we have authenticated the user on our end . And I can ’ t stress enough how important that user authentication is .”
APIs continued on page 28
“ By carriers increasing their API integration options and BGAs continuing their own investment in technology , we can work together to drive the best possible service experience for our mutual clients .”
Clint Pidlubny , Allianz Life www . nailba . org 27