AXA Insurance has announced that it is the first insurer in Asia to launch end-to-end insurance transactional APIs that will make Insurance-as-a-Service a reality – providing customised risk management to customers when they need it, how they want it. Partners with complementary offerings can plug into the APIs to deliver seamless insurance protection when it is most relevant to the customer.
Insurance-as-a-Service is a new concept enabling insurers to deliver personalised insurance products in a simplified way to the customer when they need it, how they want it, integrated as part of the broader value chain of the digital ecosystem. Designed to integrate with any digital ecosystem, AXA’s transactional APIs can be embedded into any application, website or digital channel to deliver real-time insurance cover to customers.
At launch, AXA’s APIs for Home, Travel and Car insurance will be available for partners to integrate with their customers’ journey, supporting all steps of insurance purchase from prospecting, quotation to policy issuance. APIs available to partners will extend to other lines of AXA Insurance’s business by the end of Q1 2018 and include customer and policy servicing capabilities to support customer service, claims and policy management. This increases the accessibility of AXA solutions, making it possible for customers to get instant cover through partner mobile applications, portals or automated chat bots.
Through this initiative, AXA is heeding the call from the Monetary Authority of Singapore (MAS) for players in the financial industry to publish open APIs to facilitate innovation and the growth of Singapore’s FinTech ecosystem. With a focus on forging strategic collaborations with partners, AXA is looking forward to co-innovating with FinTech players and partner organisations to change the way people get protected, making the entire insurance buying and claims process as easy, fast and convenient as possible.
“Technology is the great enabler that allows organisations to better engage customers and APIs are the key to turning Insurance-as-a-Service into a reality by transforming the way people experience insurance – this is crucial for the future of the industry,” said Tomasz Kurczyk, Director, Digital Transformation, AXA Insurance. “By opening our transactional APIs, we are inviting partners to help us shape the future of insurance. 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.”
An example of AXA’s digital first approach to insurance is the company’s recent partnership with SATS Ltd. (SATS), where the deep integration of AXA’s API platform with SATS’ Ready to Travel app enables users to get seamless insurance coverage when they are planning their trips. The complete harmonisation of the customer journey of both organisations offers a glimpse into the potential of how APIs can help redefine the way consumers interact with their insurers.
“The launch of our partner transactional API marks an important milestone in AXA Singapore’s digital transformation journey that began two years ago,” said Leo Costes, Managing Director, General Insurance, AXA Insurance. “We are excited about the possibilities this launch brings – seamless integration with our partners and other FinTech players means that we will be able to enrich the engagements we have with our customers. This underscores AXA’s commitment to put our customers first, making every interaction our customers have with us as easy and as fuss-free as possible.”
Interested partners can learn more about AXA Insurance APIs and apply for early access at www.axa.com.sg/api