API in Adaptive Insurance: improving insurance with API connectivity

What SaaS is Right for Risk Management? 

Shared mobility operators are confronted everyday with new SaaS products promising to optimise their operations. 

From event-based insurance triggers to real-time risk scoring. When facing increasing consolidation, the promise of a new competitive advantage is one to take seriously. 

But how do you differentiate what is hype from what is helpful to your shared mobility business? 

How Manual Data Slow Your Operations Down 

In the fast-moving mobility market, yesterday’s data can drive today’s decisions in catastrophic ways.

Take a car-sharing platform re-fleeting 50 vehicles. Usually manually updating insurance policies, across fleet management systems and financial reporting tools separately. 

However, this creates a lag time where coverage doesn’t match reality. If accidents happen, the cost of coverage delay can be astronomical. 

Managing insurance policies manually means tracking each vehicle’s coverage status, processing every fleet change, and reconciling policies across disconnected systems.

In manual operations mistakes are inevitable: vehicles insured after de-fleeting, coverage gaps during re-fleeting, policy details mismatched across systems.

Whether your business operates bike fleets, cars or e-scooter, a lack of real-time data connections on any side will leave you lying blind at times on your largest cost center.

What exactly is an APIs?

API stands for Application Programming Interface. Basically, it’s a formal agreement, a “service contract,” between two pieces of software. 

The “Application” is just any program – an app, a server, a database – doing something, and the “Interface” is the rule-book that spells out how they talk to each other.

This contract sets the ground rules for communication, like specifying the exact format for requests and responses, which keeps everything playing nicely together in real time. 

One program just needs to know how to use the interface; it doesn’t need to peek under the hood of the other one. Making data flows seamless and modular.

How can APIs be used in Insurance?

We have seen how manual work multiplies error risk and eats into operational time when it comes to insurance. But how exactly can an API be used to prevent this? 

With the right partner, API adoption can resolve situations like under-coverage. With a seamless link between your current vehicle list, and usage data making real-time insurance distribution possible.  

Outdated policies and under coverage situations curb your business growth In a market where insurance is the second biggest line item on a P&L, real-time data flows enable adaptive insurance that creates clear competitive advantages.  

Operators with connected data infrastructure are building sustainable competitive advantages while manual operators are locked in costly operational bottlenecks.

What set-up do I need for API insurance?

Cachet offers a fleet management solution where you can manage your fleet vehicles, create claims, get insured and much more.

Within Cache Mobility, an API integration can connect your insurance policies to your asset data automatically.  Giving you access to adaptive insurance as and when it is needed.

The enhanced connection, provided by Cachet, between insurance and your fleet data, drastically reduces the risk due to manual work.  

By automatically synchronising your fleet data and insurance policies in real-time. The API works as a bridge making real-time connection. 

This connection is also possible with your underwriter. Bringing key insurance information into your fleet management solution. Faster data flows via API you can get a better overview of the claim trends within your fleet. 

See directly within the Claims Control Center the spread of claims across your asset, dive into their status and explore other data from your insurer in one single place. 

Getting Started With API Insurance

While API-based insurance might sound complex, the implementation is straightforward and designed to integrate seamlessly with your existing operations.

As you get set up with Cachet, our technicians will then talk your team through establishing the Cachet Mobility API. This will provide everything you need to manage your fleet insurance programmatically; add vehicles through simple REST endpoints, track rides automatically, and generate insurance offers with a few API calls. 

Your fleet data flows directly to our insurance partners, enabling real-time policy management and usage-based pricing.

Once integrated, adding or removing vehicles from coverage happens instantly through the API. Claims, policies, and documents are all accessible through the same unified interface. 

What used to require manual paperwork and waiting periods now happens programmatically in seconds.

Scaling your fleet has never been easier than with Cachet.