19Insurance Business ReviewAUGUST 2024quickly built to their platforms specifications, and ready for enrollment. It's literally plug and play. This process helps to eliminate time spent painstakingly investigating and solving for errors. The automation can quickly detect and proactively seek out correction for any errors before they go downstream. Further, this connection allows for easy updates, and porting of coverage. Setting up systems for the futureAs companies evaluate existing technologies, they're more than likely running into limitations around capabilities and integration, which is why a strong focus on systems architecture is so critical. As noted, carriers that can't effectively exchange data with internal and external systems face long turnaround times and open themselves up to costl y errors. Developing a system with an open architecture makes it easy to work with any partner now, or in the future. This is because it creates the ability to add, change or replace connections, software and hardware with ease. What facilitates this, is the use of APIs. It creates a system that is highly scalable and eliminates the need to maintain multiple versions of code, while enabling secure transactions in real-time. APIs help to provide an efficient exchange of information. And a personalized experience for the end user. By developing and securely exposing APIs to partners, carriers are enhancing the experience and improving user experience. I know this, because this is precisely what we're doing at Wellfleet Workplace. We built our Lighthouse administration platform to be a single source of truth. No patchwork, just one system that handles everything from quote to claims and offers secure API connections to power partners plans. We've built a better experience.It's time to start building your API strategyThe writing in is on the wall. Brokers, HR departments and employees want a better user experience. If they can't quickly and accurately get the information they need, they won't be happy, and they'll go to someone else who can provide it. Remember your prized Blackberry? You probably have an iPhone now, right? Then you get it. API technology needs to be adopted by carriers and benefits administration systems alike. These connections are what fuel efficient real-time data exchange, greatly reduces human intervention and improves the user experience - for all users, at each point of engagement.Some may like their current patchwork of newer technologies and scores of workers manually entering and validating data. They may look at it like the Blackberry ­ functional and suiting today's needs. Sure, it works, but it has its limits compared to the iPhone. It's time to upgrade ­ get rid of the Blackberry and switch to better technology. Of course, APIs take time to build. Why? They need sound strategy to ensure they meet the businesses current and future needs. They need executive buy-in and IT support. But it can be done in an agile environment, and done well. That's what we've done at Wellfleet. And we're continuing to improve the process.Wellfleet is the marketing name used to refer to the insurance and administrative operations of Wellfleet Insurance Company, Wellfleet New York Insurance Company, and Wellfleet Group, LLC. All insurance products are administered or managed by Wellfleet Group, LLC. Product availability is based upon business and/or regulatory approval and may differ among companies. Carriers that want to improve their quoting and plan building need to break away from the roadblocks created by legacy systems, and embrace advancements like API capabilities
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