Adopting APIs and embracing standardization—guided by lessons learned at IRI—can directly boost your insurance operation’s efficiency.

At last month’s Insured Retirement Institute (IRI) annual conference, I had the opportunity to engage in meaningful, forward-thinking discussions. The operations and technology committee meetings, in particular, surfaced key industry challenges and spotlighted innovation and opportunities across the value chain.   

Is modernization really that urgent for insurance? Absolutely. This is a now-or-never moment. The industry is shifting fast, and waiting on the sidelines means missing out on opportunity and falling behind competitors who are already moving forward.  

A powerful momentum is building, driven by a collective understanding that we must embrace a digital-first mindset. This shift is essential to supporting both financial professionals and consumers. It’s about fundamentally improving operational efficiency to drive sales, boost long-term profitability, and simplify how we connect data, processes, and experiences.  

The key? Industry-wide standardization and the strategic adoption of robust APIs—the tools that will make insurance faster, simpler, and better for everyone involved. 

Core Industry Goals: What We’re Solving For 

It’s clear that as an industry, we’re moving beyond isolated efforts. We are embracing a more collaborative approach to innovation. The consensus at IRI centered on applying technology—specifically standardization—to achieve three fundamental goals: 

1. Removing Friction: Identifying and eliminating unnecessary complexity and manual effort—think duplicative data entry or chasing down paper forms—that create administrative headaches and slow down progress for advisors, carriers, and distributors. 
2. Improving Digital Data Flows: Ensuring critical information moves smoothly, accurately, and securely between systems and partners by using robust APIs. These interfaces act as standardized messengers, enabling efficient communication between different software systems. 
3. Tackling Problematic Workflows: From complex onboarding to manual replacement processes, we’re redesigning inefficiencies by leveraging standardized technology—freeing up valuable time and resources. 

Achieving these goals is fundamental to improving operational efficiency, reducing costs, driving greater profitability across the value chain and ultimately delivering a better experience for financial professionals and their clients. 

Standardization in Action 

Collaboration is no longer theoretical—it’s producing real results. The industry is actively uniting to build and implement solutions through industry-wide standards and APIs, leveraging a ‘Build Once, Use Many’ model to eliminate inconsistent, one-off custom methods for data delivery.  

Several key initiatives were shared where this collaborative standardization is already making headway: 

• Paperless Replacements: Instead of advisors navigating a confusing patchwork where each carrier has unique requirements, developing a standardized approach that creates a more consistent, efficient experience, dramatically decreasing not-in-good-order (NIGO) submissions. It’s reducing transfer cycle times for replacements from weeks to potentially 24-48 hours. Digital workflows are improved. 

• Case Status / Activity Status APIs: Instead of logging into multiple carrier portals daily, standardized APIs for case and activity status provide real-time, consistent updates through a single interface—drastically improving workflow efficiency, saving valuable time and reducing frustration for support teams and financial professionals. 

• DTCC Producer Authorization: This is guiding the verification of producer credentials (training, licensing, appointments). By using the standardized delivery of can-sell API messaging, firms benefit from reduced delays in issuing contracts and ensuring producers are authorized to sell specific insurance products— increasing in-good-order sales. 

These early wins underscore a powerful truth: when we align on standards, the entire industry moves forward faster. 

The Power of Collective Action 

The most powerful takeaway for me from IRI was the shared understanding that these aren’t problems best solved in silos. The initiatives gaining traction are those where carriers, distributors, and technology partners are collectively investing time and resources. 

This collaborative approach creates a multiplier effect: 

• Carriers benefit from shared development and best practices. 

• Technology providers can build solutions once, that integrate across multiple partners. 

• Distributors and advisors gain consistency, reducing operational friction when working with different carriers. 

Ultimately, this collective effort results in not only faster processing and quicker peace of mind for end clients but also enhanced operational efficiency and increased potential for revenue growth. 

How We Move Forward—Together 

The message from IRI is clear: the momentum for collaborative, API-driven standardization is accelerating. This is our path to transforming the insurance landscape.  

I’m thrilled to be part of this community and the digital-first shift, championing open, connected technology that leverages these standards. Together, we are creating the fast, modern, fluid processes that are consistent across the industry for each step in the journey. Hexure is actively supporting these industry initiatives and building these innovations directly onto our platform. As these standards mature, Hexure will continue shaping and supporting their evolution, ensuring our clients are always connected to the future of insurance. 

Now is the time for every firm to engage with partners, embrace solutions built on these shared standards, and contribute to building a more efficient, responsive, and client-centric future. The journey requires commitment, but the collective rewards—smooth operations, empowered advisors, and faster client service—are undeniable. 

by Kevin Pohmer, President, Hexure