Great American Insurance Group has brought the power of API technology to its insurance programs for commercial equipment finance. These APIs can help accelerate a finance company's funding process and provide more options to their customers looking to acquire equipment.
When equipment is financed, insurance is usually a necessity, but the process to manage coverage can be slow and complex. Vic Villegas, Divisional President, Great American’s Specialty Equipment division, said, "Equipment finance has been going through some exciting technology driven changes recently, with focus on automation, efficiency and better customer experiences. Recognizing this, we knew it was important for us develop APIs as an option for the industry.”
“Real time access and data exchange are now expected,” added Brendan Cronin, Innovation Strategy Manager, Great American’s Specialty Equipment division. “Equipment finance has evolved from a process that is measured in weeks to one that is measured in clicks. APIs allow insurance to be embedded in the process.”
The benefits of the API integration include:
- Programs can be managed through existing software, on the same screens and applications that users use today.
- Equipment protection can be placed at any point in the financing workflow, from originations, booking and funding, to ongoing portfolio management.
- Billing and coverage changes are handled immediately, without uncertainty and delay.
Villegas added, "We have developed innovative solutions within the equipment finance industry for the past 30 years. A consistent goal over these many years is Great American’s focus on delivering the best service possible to our customers. Our APIs support this by providing real time access to the coverage they need at the point in their workflow that they need it.”