CoverWallet, insurance technology provider, announced its CoverWallet APITrack this API. CoverWallet sees the API as a key to being a "Insurtech as a Service" company. The API covers three areas that cover the entire small business insurance lifecycle: estimates, quotes, and management.
"With our API, anyone can offer business insurance tools and policies so that users don't need to navigate away from the site or app they are on for their insurance needs," CoverWallet CTO, Pablo Molina, commented in a press release. "Opening our platform is an important step for CoverWallet, as we carry out our mission to help small businesses get insurance through a seamless, fast, and convenient user experience."
The API allows third party apps and services to offer insurance services without exiting the app or workflow. CoverWallet anticipates integration with commercial real estate companies, financial institutions, payroll service providers, lenders, accounting software providers, and many more. Regardless of industry, third parties can use the API to provide premium estimates from an app or website, generate proof of insurance, or build a services that fits particular insurance needs.
The CoverWallet API includes three APIs: Quote API, Buy API, and Manage API. The Quote API allows developers to retrieve real-time estimates for quotes from leading carriers. The Buy API enables developers to bind policies and make ACH or credit payments. The Manage API enables the ability to manage policies, insurance certificates, billing, recurring payments, and financing.
CoverWallet provides end to end engineering support to help developers integrate and maintain API integration. Further, CoverWallet includes resources on the licensing, access to reinsurers, and other complexities unique to the insurance industry.