A guide to APIs
Jen Pomfret (pictured) head of digital at Paymentshield
At Paymentshield, we have recently launched a new suite of leading-edge APIs as part of the latest enhancements of our Adviser Hub platform.
But what is an API, and how can it benefit advisers?
An API basically makes it easier to connect one programme or platform to another, so that information can be shared more easily between the two.
In the example of Paymentshield, the APIs that we launched will enable any business to seamlessly and flexibly integrate general insurance into their advice process in the way that best suits their sales journey.
This is because the integrations will use existing client information to effortlessly generate a quote for general insurance, without sacrificing the quality of cover or compromising on price.
Like other businesses, we have actually utilised API technology for a number of years, but this latest development creates a step-change in the number and type of integrations possible between Paymentshield and third-party systems such as network platforms, sourcing tools and CRMs.
These integrations mean that it is easy for advisers to have to access important information, so that they can spend more time engaging with their clients, increasing their understanding of a client’s circumstances and consequently developing stronger connections.
The great thing about APIs is that they can be really flexible and so can be adapted to fit the business model of an adviser, rather than an adviser having to change its own process to introduce a new piece of technology.
But this is just a starting point.
At the moment, we are using APIs to improve the quote and purchase journey for GI, but meaningful data integrations will offer so much more beyond this part of a transaction.
In the not too distant future, we have identified ways that APIs will be able to deliver an ongoing enhanced customer experience when the policy is in place, which will enable advisers to have more frequent customer touchpoints, build stronger connections, and ultimately increase retention and referrals.
We are already working on these changes, so look out for more information on how APIs can continue to transform your business.