Guaranteed Rate launches new API

Guaranteed Rate Insurance has launched an API intended to improve its customers' experience.

The API, available through Guaranteed Rate's business partners in real estate, mortgage servicing, auto sales and home inspection, helps embed the insurer's offerings in these distribution channels.

Starting with connecting its telephony platform, Guaranteed Rate built the API to give live agents a connection to useful digital risk data. "We're accelerating providing the customer with an array of options, from a coverage standpoint, price standpoint and carrier standpoint," said Ryan Haggard, vice president and head of insurance product and technology at Guaranteed Rate. 

Guaranteed Rate then connected customer information services it already runs, into the API. The insurer completed building the API by embedding this digital quote experience into its partner platform, added Haggard.

"Without talking to an agent, our customers or our partner customers will be in a position to see some basic directionally correct quote, assuming average credit, assuming no loss, no major losses in your loss history," he said. "Depending on how they feel they can engage with us at that point, talk to a live agent and get some coaching on or counseling on coverage and risk."

Guaranteed Rate's goal in creating the API was to ensure "warm transfer" between these businesses and its agents, according to Jeff Wingate, executive vice president and head of Guaranteed Rate. 

Warm transfers take calls and direct them to an agent licensed in the caller's state. "At the same time, they pass over the information for that customer through the API," he said. "So when our agent is speaking with a customer, they see the customer's information right then and there. They can have a very, very good detailed discussion about the risk and where they're going and they can get quotes back instantaneously. Instead of asking again for their name, their address, their information, we already have it right up front talking to the customer."

Guaranteed Rate set the stage for this API, its first to be integrated with referral partners, by launching a digital insurance marketplace that can integrate APIs into its architecture. The new API lets agents present a complete risk profile to customers along with premium quotes, according to Haggard. "What we've heard and what our data suggest is, most customers want to talk to an agent," he said. "The purchasing of insurance is still a very complex transaction and we know it's a price sensitive transaction."