Munich Re buys API-focused insurtech
Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software as a Service (SaaS) for the insurance industry’s entire ecosystem.
apinity GmbH was until recently a Syncier GmbH business unit, operating under the name Syncier Marketplace. In short, apinity combines a software platform with a marketplace for sector-specific API services. Munich Re acquired 100% of shares in apinity GmbH, effective 4 October 2022. The parties agreed not to disclose the purchase price. Munich Re will employ all current personnel, and will maintain both existing business relationships and the technology platform – including all established third-party services.
Torsten Jeworrek, Member of Munich Re’s Board of Management: “As well as being an insurtech for sector-specific services, apinity offers the potential to integrate other sectors into the insurance industry’s API ecosystem. That makes it a perfect fit for our Ventures portfolio. apinity will play a key role in driving forward the digitalisation of the insurance value chain and of primary insurance. What’s more, going forward people will be able to use the apinity marketplace to access our services, e.g. in the areas of NatCat and cyber.”
apinity is an API software platform that enables insurers to utilise third-party API services, in turn making it possible to transparently manage both third-party and in-house APIs. Unlike conventional API management solutions, apinity is based on solid business-oriented user experience – while also handling critical business processes such as contract management, monetisation, and subscription management. apinity will make it far easier for insurers in particular to participate in the key area of open insurance.
You can read more about apinity and the API SaaS and marketplace solution here: www.apinity.io
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