Great American Insurance Group added the power of API technology to its insurance programs for commercial equipment finance.

“Equipment finance has been going through some exciting technology driven changes recently, with focus on automation, efficiency and better customer experiences,” Vic Villegas, divisional president of the specialty equipment division at Great American, said. “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,” Brendan Cronin, innovation strategy manager for the specialty equipment division at Great American, said. “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.

“We have developed innovative solutions within the equipment finance industry for the past 30 years,” Villegas said. “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.”