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📋 '''API''' — short for application programming interface — is a set of protocols and tools that allows different software systems to communicate with each other, and in the insurance industry it has become the connective tissue enabling real-time data exchange between [[Definition:Insurance carrier | carriers]], [[Definition:Insurance broker | brokers]], [[Definition:Managing general agent (MGA) | MGAs]], [[Definition:Insurtech | insurtech]] platforms, and third-party data providers. Unlike batch file transfers or manual data entry that historically characterized insurance operations, APIs allow systems to request and deliver discrete pieces of information — a quote, a policy status, a [[Definition:Claim | claims]] update — on demand and in milliseconds. This shift from periodic, bulk data movement to continuous, event-driven connectivity represents one of the most consequential technology changes in modern insurance.

⚙️ In practice, APIs work through a request-response model: one system (the client) sends a structured request to another system (the server), which processes the request and returns the relevant data. A [[Definition:Digital distribution | digital distribution]] platform might call a carrier's rating API to retrieve a real-time [[Definition:Premium | premium]] quote, or a [[Definition:Claims management | claims management]] system might connect to a weather data API to verify that a hailstorm occurred on the date a policyholder reported roof damage. REST (Representational State Transfer) APIs are the most common architectural style in insurance technology today, valued for their simplicity and compatibility with web-based platforms. Carriers increasingly publish API catalogs — sometimes called developer portals — that allow approved partners to integrate with [[Definition:Underwriting | underwriting]], [[Definition:Policy administration system | policy administration]], billing, and claims functions without deep custom development.

💡 The proliferation of APIs has reshaped competitive dynamics across insurance markets worldwide. In the United States, API-first MGAs have built entire business models on the ability to embed [[Definition:Insurance product | insurance products]] into non-insurance platforms — think coverage sold at the point of sale for e-commerce purchases or travel bookings. In the London market, API connectivity is central to ongoing modernization efforts at [[Definition:Lloyd's | Lloyd's]], where the goal is to replace paper-heavy placement and settlement workflows with digital pipelines. Regulatory environments are also adapting: [[Definition:Open insurance | open insurance]] initiatives in Europe and parts of Asia draw inspiration from open banking mandates, envisioning a future where policyholders can authorize secure API-based sharing of their insurance data across providers. For any insurer or intermediary investing in technology, a coherent API strategy is no longer optional — it is a prerequisite for participating in a connected, data-driven market.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Insurtech]]
* [[Definition:Open insurance]]
* [[Definition:Policy administration system]]
* [[Definition:Digital distribution]]
* [[Definition:Straight-through processing (STP)]]
* [[Definition:Embedded insurance]]
{{Div col end}}

Definition:API - Revision history

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