Amazon. eBay. Salesforce. Twenty years ago, these companies were some of the first to launch their own APIs and thus made history, enabling businesses to run more efficiently by way of the internet and interconnected systems. Since then, they all have continued to shape and evolve the world of APIs as we know it today. While APIs have come a long way in the last two decades, there is one thing that remains true: those that evolve and transform simultaneously will win the API game, and thanks to the groundwork laid out by these big names, industries such as insurance can lead not only the conversation, but the innovation that comes with leverage such technology.

The complexity of insurance policies and the often-deferred, if ever realized, benefit for the end user have traditionally meant that insurance is a product that is sold and not bought. But, as consumer preferences and buying behaviors change, insurance providers must be prepared to move toward a middle ground, aligning distribution strategies to meet the modern customer at the desired point of purchase.

Insurers who continue to meet their customers where they are, using the latest technology and leveraging the most advantageous relationships, are those that will always be prepared for whatever’s next.

In the latest episode of our podcast, UNBIND with Bindable, I got to sit down with the Head of Global Technology Innovation at AXA XL, Stacey Brown, an insurance technology veteran.

Today, the insurance industry has more tools and technology available than ever before,  — so it’s no surprise that business models and processes are changing quickly. Staying relevant is dependent upon meeting rapidly changing customer preferences and differentiating from a growing competitive landscape. Leaders and teams from all organizations must critically look at their business processes to unveil opportunities for digital transformation.

However, while change is clearly inevitable, success is not. In fact, a staggering 70% of digital transformation projects actually fail. In a world that calls for consistent and disruptive change, business leaders don’t need to ask themselves what to do (we know the answer is transform), but how to do it.