Great American Insurance Group Brings APIs to Commercial Equipment Finance
CINCINNATI – September 8, 2022 – Great American Insurance Group has brought the power of API technology to its insurance programs for commercial equipment finance. These APIs can help accelerate a finance company's funding process and provide more options to their customers looking to acquire equipment.
When equipment is financed, insurance is usually a necessity, but the process to manage coverage can be slow and complex. Vic Villegas, Divisional President, Great American’s Specialty Equipment division, states, "Equipment finance has been going through some exciting technology driven changes recently, with focus on automation, efficiency, and better customer experiences. 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,” adds Brendan Cronin, Innovation Strategy Manager, Great American’s Specialty Equipment division. “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.
Villegas added, "We have developed innovative solutions within the equipment finance industry for the past 30 years. 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.”
Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of "A+" (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
In the US, policies are underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, an authorized insurer in all 50 states and the D.C., 301 E. Fourth St., Cincinnati, OH 45202; in Canada, policies are underwritten by Great American Insurance Company – Canadian Branch, a foreign insurer authorized to insure risks in all Canadian Provinces and Territories. The Chief Agency of the Canadian Branch of Great American Insurance Company is located at Scotia Plaza, Suite 2100, 40 King Street West, Toronto, Ontario M5H 3C2. All insurance products are subject to the limitations and conditions in the applicable policy or certificate of insurance in force at the time of purchase or enrollment and applicable legislation.