Digital Insurance Agenda

Koble: The open platform for digital insurance distribution at scale

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Oct 27, 2020

Koble is an API-first platform that delivers the scalable, digital distribution of insurance products. Their suite of APIs translates the insurance lifecycle into separate applications that can be easily consumed by any digital channel or application. It requires fewer or no IT resources, while increasing agility and speed-to-market. Koble has a developer-first approach that helps insurers on the one side and brokers, aggregators, or affinity channels on the other to digitise the distribution of insurance products via APIs.

Koble originates from DIA Alumni wefox Group where it leverages the expertise and experiences of neo-insurer ONE Insurance and the distribution channel wefox.

How Koble transforms the insurance landscape
Looking at the global market, it has become clear in recent years that the industry needs to evolve. More than a few carriers still rely on paper-based processes. Others are further ahead and use APIs. But more often than not, those APIs are delivered as one-to-one connections built for a specific product and channel. These require substantial input from engineering, product managers, and actuaries on the insurer side. In times of accelerated change, this has burdened the industry with a somewhat heavy-footed approach to shifting business needs and emerging channels.

Instead, Koble provides insurers and MGAs with a platform and the right tools to digitise any insurance product and share each product with an unlimited number of distributors. At the same time, distributors gain immediate access to best-in-class APIs and up-to-date documentation. Instead of months, it only takes weeks or even days until they can integrate insurance products and start quoting and binding. All this comes in the shape of a business-user friendly web application; Product Publisher. The latter helps product owners or actuaries to configure the insurance product APIs.

  

Key benefits (in a nutshell):

  • Increasing speed-to-market for digital insurance products
  • Unlocking agility and innovation through API bundling and modular products
  • Lowering the need for and dependency on scarce IT resources.

How it works
Koble has a carrier-agnostic technology, which is not limited to partnering insurers, product lines, regions, existing standards, or distribution channels. Instead, their one-to-many API solutions empower insurance businesses to rapidly scale digital distribution. All of this with hardly any or minimal IT resources from the insurer side, because they already provided this: at the heart of our value proposition stands a robust and up-to-date developer-first experience. Koble believes that developers are an increasingly important group of stakeholders when it comes to advocating solutions, IT buying decisions, and unlocking innovation at scale.

  

Who is Koble?
As part of the wefox Group family, Koble is an international team of coders, designers, and thinkers with a developer-first mindset. Their aim is to change the world of digital insurance and to enable innovation and build truly relevant solutions for everyone working with insurance.

After launching with services related to the distribution of insurance (quote, offer, bind), Koble has started to deliver other functionalities including policy management, analytics and local standards such as BiPro. Altogether, they offer a suite of 17 APIs spread across the insurance value chain serving motor, cyber, SME, D&O, household, and private liability product categories. The Koble platform also provides a web application that allows business users to map insurance products onto APIs. The platform has been online in conjunction with sister company ONE Insurance since September 2019. Koble is currently providing first connections for a select number of insurers and partners in Germany, Switzerland, and Austria. However, our aspiration is global.

“The use of APIs and microservices in insurance might still be in its infancy, but they will play a key role in helping select players to leapfrog in the industry’s digital transformation game.” Anna Vogel, Managing Director at Koble and Chief Platform Officer at Wefox Group


The Koble team with their hand sign which is the logo of Koble [k].

https://www.wefox.com/en-de

Check out their DIA Prime Time video here:
https://www.digitalinsuranceagenda.com/dia-tv/video/open-api-platform-solution-real-time/

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