Herald launches the Insurance API Index
The Index is both a first-of-its kind Insurtech resource and a celebration of API innovation in Insurance
Herald, a digital infrastructure provider that raised $8 million late last year to build connectivity between insurance carriers and the rest of the insurance ecosystem, announced today the launch of the Insurance API Index.
The first-of-its-kind index catalogs commercial insurance carriers that have built distribution APIs that allow brokers and other partners to quote and purchase policies. According to Herald CEO Matthew Antoszyk, the index has been built “to serve two primary purposes: both to act as a resource for InsurTech professionals, and to celebrate the carriers that have led the charge in the ongoing digitization of commercial insurance.”
As of publishing, the index features a total of 34 different carriers currently offering 84 different insurance products via API. For example, CNA boasts three different API-enabled products: BOP (Business Owner’s Policy), General Liability, and Workers’ Compensation.
Appearing in the index are a number of the biggest names in insurance, including Travelers and Liberty Mutual – two of the top three carriers in the commercial market in 2020, according to the National Association of Insurance Carriers. Duncan Crystal, Herald’s Chief Revenue Officer, says it’s a long list, but one that will continue to grow fast: “This is the way commercial insurance is going. Businesses and brokers want options for efficient online purchasing experiences, and carriers are working hard to provide them. New carriers are launching insurance APIs every month and the early-movers are adding more products and greater functionality across the policy life-cycle.”
Crystal emphasizes that the Herald team will continue working to keep the index accurate and up-to-date, so that API-enabled brokerages and insurance technology providers know which innovative carriers they can partner with to deliver which products to their customers. “Eventually, we think, the index will be useless. Some day virtually every carrier, big and small, will use APIs to drive their business. Brokers and policyholders will be able to manage each step of the process without repeated phone calls or never-ending email chains. In the meantime, on our way there, this should be a great resource for the InsurTech space.”
Herald builds digital infrastructure for commercial insurance. Developers who use Herald quote and bind insurance from multiple carriers through a single API. For more information, visit heraldapi.com.