Joint Electronic Teller Services has teamed up with CoverGo to build car insurance API platforms that will offer price comparison, online applications, claiming and a range of other innovative features based on JETCO APIX, an open API (application programming interface) exchange platform.
CoverGo CEO and founder Tomas Holubsaid JETCO APIX enables them to build white label solutions through API for car insurance distributors such as traditional and virtual banks, brokers and third-party service providers (TSPs).
“For agents and TSPs like online car re-sellers, we can provide end-to-end solutions including car insurance instant pricing to online applications, purchasing and claiming which no similar digital platform is available in the local market,” said Holub.
“This fully digitised process will help customers minimise hassles and time in dealing with multiple parties which is typical for the traditional buying and claiming process,” he added.
JETCO CEO Angus Choi said open APIs, with its capability of modularisation and decoupling of products and services, will allow banks and car insurers to offer a broader range of products and services to customers at higher levels of sophistication and speed.
Holub said that with the advent of the car insurtech market, car insurers that are not part of the traditional value chain are deftly using new technologies to engage customers, and to secure a new customer base with products and services across financial infrastructure segments.
He said the result is that the number of needed product services will exceed the limits of vertical integration for a single car insurer.