Learn how a WSRB API can save your company time, enable automation and make compliance easier.
In this article, you'll find answers to the following questions:
- What is a WSRB API?
- What data is available through a WSRB API?
- What are the benefits of a WSRB API?
- How can I tell if a WSRB API is right for my company?
- How do I start the process of setting up a WSRB API?
What is a WSRB API?
API stands for application programming interface, a type of software interface that allows software systems to “talk” to each other.
Our API allows subscribing insurers to integrate WSRB data directly into their policy management system. Once a WSRB API is in place, insurance company employees no longer need to visit WSRB.com to look up most WSRB Protection Class or Loss Costs data.
What data is available through a WSRB API?
We offer two types of APIs, one for protection class/BCEGS® (Building Code Effectiveness Grading Schedule) and one for loss costs/Risk Search.
The protection class API allows you to capture the newest PC/BCEGS updates into your system the moment they are added.
The loss cost/Risk Search API allows your system to search by an address or a risk number and returns coded information about the risk, such as rating type, sprinkler credit and construction class along with construction characteristics and loss costs.
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What are the benefits of a WSRB API?
For most insurers, the biggest benefits relate to saving employee time, enabling automation and making compliance easier.
Time savings:
Employees can get PC and loss cost data directly from your company's policy management system and do not need to visit WSRB.com to look up information, which saves them time every time they underwrite or quote a policy.
Enabling automation:
Instead of manually updating information such as changes in protection class and loss costs, our API interfaces with your system to constantly make sure the information you have is current. This is done by enabling your system(s) to query into our system via the APIs, helping to automate your processes and keep your information up-to-date.
Making compliance easier:
Incorrect data is a big source of noncompliance. Roughly half the errors that WIEB, the Washington Insurance Examining Bureau, finds are related to PC issues. If similar problems occur too often, the noncompliant company can face very large fines or be forced to shut down.
When you have PC and loss cost data fed directly into your policy management system, the data is always correct and up to date.
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How can I tell if a WSRB API is right for my company?
A review of every policy at renewal is not cost-effective or practical. Regardless of the number of policies you insure, manually looking up every one impacts your expense ratio and can lead to errors. The best solution is to integrate this data automatically into your underwriting system by using our API. APIs are for everyone!
How do I start the process of setting up a WSRB API?
In order to integrate our API with your system, your information technology team will work alongside our technology solutions team. The setup process is quick and can be completed within a few days.
Interested? Contact us at 206-217-9772 or by clicking here to begin the process.