Identifying API Use Cases:

LIFE INSURANCE AND FINANCIAL SERVICES

Explore business drivers and compelling use cases for APIs in Life Insurance and Financial Services

Courtesy of IBM and Lightwell

Lightwell IBM Platinum Business Partner
Life Insurance and financial Services - Yellow Arrow

EXECUTIVE SUMMARY

Many insurance companies are planning their journey and participation in the API (Application Programming Interface) economy. One of the most common questions from companies starting their API journey is about the potential use cases within their industry. This ebook focuses on several objectives: ‚Äč

Identifying the common business drivers for API initiatives

Identifying the common business drivers for API initiatives

describing an API identification methodology

Describing an API identification methodology 

Supplying insurance-specific examples using the methodology

Supplying insurance-specific examples using the methodology

Discussing the current state of regulatory requirements and industry standards

Discussing the current state of regulatory requirements and industry standards

Providing recommendations for starting an API initiative

Providing recommendations for starting an API initiative

 

Determining an API economy strategy and planning a roadmap have several significant benefits:

Consolidation and Standardizing APIs

Accelerating digital projects and improving time to market with safe, quick access to business services for both internal and external parties

Lowering costs of operations

Identifying a partnership ecosystem—especially outside your own industry—for formulating new value-added products and services to be more competitive

identifying a partnership ecosystem - APIs

Defining a new business model(s) for monetization purposes such as the mobile marketplace; that is, curating your company’s business capabilities aggregated with your partners’ business capabilities to provide a diverse range of related or complementary services

Accelerating digital projects and improving time to market

Consolidating and standardizing common APIs—or simply business services—within an organization

defining a new business model for monetization - APIs

Lowering cost of operations by having a central repository and index of enterprise business services such as get policy history

This paper is intended for business and IT leadership in the insurance industry, interested in jump-starting API initiatives by learning about industry use cases. The focus of this paper is life insurance, including related investment scenarios.

API Identification Methodology
Lock - Gray
CH 03

API Identification Methodology

API - Life Insurance and Financial services use cases
Lock - Gray
CH 04

Identifying API Use Cases in the Insurance Industry

Industry Standards and Regulatory Requirements
Lock - Gray
CH 05

Industry Standards and Regulatory Requirements

API Banking Industry Closing Thoughts
Lock - Gray
CH 06

Closing Thoughts and Recommendations