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Great American Insurance Group, Econolease Announce Embedded Insurance Using APIs

July 14, 2022, 07:18 AM
Filed Under: Industry News

Great American Insurance Group and Econolease Financial Services have embedded their insurance program using API Technology. This gives real-time access to coverage when needed.

Great American has provided innovative insurance solutions to the equipment leasing and finance industry for over 30 years. The API product enhancement is being distributed through Specialty Equipment, a division within Great American.

"Real-time APIs allow us to integrate our insurance solutions in ways never before possible,” said Cody Sanguinetti, Divisional Assistant Vice President, Specialty Equipment. “Whether during the origination process, at the time of booking or at any time during servicing, our APIs can help provide immediate coverage. There is no manual data entry and no waiting on data files."

Econolease is Canada's leader in food equipment financing and operates with a proprietary lease management software to originate equipment finance contracts and service its portfolio. Mike Yablon, President of Econolease, said, "Having an easy, value-added insurance solution is a vital part of our business. Great American’s real-time APIs allow us to embed their coverage into our workflow, so we can access the proper protection for our equipment on the spot. We save time and money with less touch. This allows us to focus on providing our customers the best experience possible. Great American’s embedded insurance allows our sales and service teams to quote, enroll and cancel coverage under our policy without exiting the workflow.”

Yablon added, "This insurance API project couldn't have come at a better time since we're expanding into the U.S. market. Econolease prides itself on employing digital solutions to achieve competitive advantages in market. Great American’s technology has helped automate insurance into our business processes."

Brendan Cronin, Innovation Strategy Manager at Great American, said, "We've been continually impressed by the insight and energy of the Econolease team. They know their customers and how to create great solutions with technology. This is where equipment finance is going in the future, and we’ll be ready with the digital products that can help provide faster, easier access to insurance."

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