API management for everyone - your digital transformation with our Syncier Marketplace. We briefly summarized the how and why.
First things first: What are APIs, and why are they so important for companies?
API is the acronym for Application Programming Interface, which is a software intermediary that allows two applications to exchange information.
An example: An identity verification service needs to be implemented in the digital sales process of an insurance company. In this case, the developers of the sales process can use the identity service of a third-party provider, such as IDNow without having to reinvent those functions from scratch. This saves both development and maintenance costs.
Our marketplace offers a broad portfolio of pre-selected API services to integrate seamlessly into any existing IT infrastructure.
Who are the users of a marketplace in a company?
Our marketplace supports providers and consumers of innovative services. Such consumers include product owners of insurance companies. The primary advantages for both parties are the increased transparency of the available services and the simplified implementation. We also provide support for contracting, billing, and operational issues, enabling insurance companies to become providers of 3rd party products themselves.
How do APIs make insurance companies better?
An API strategy's significant advantage is flexibility enabling insurers to react quickly to changing customer requirements or other external factors. You can fall back on a solution that has already been tried and tested on the market and integrate it quickly via API.
The big challenge is a professional API management. You can lose track of all available internal and external APIs as well as their functionality and performance. Developers often have no chance to get an overview of all available internal and external services, especially across projects and divisions, so we developed what we call the private area.
What makes the private area so unique?
The Syncier Marketplace is the central platform of an ecosystem of insurance-related API-based services. As mentioned, services can either be made available for the entire insurance industry on our public marketplace or only within a company - in the private area, allowing companies to make their developed APIs internally transparent. As a result, all departments of the company can benefit from existing services, and resources can be saved or allocated according to the services' performance and usage.
Additionally, special internal services can be monetized by making them available to strategic external partners.
What makes the Syncier marketplace unique?
In addition to the scalability of APIs within a company, we offer operational support like automated billing, monitoring, and contract management. Furthermore, we support a multi-cloud approach. This way services can be hosted and implemented on any cloud.
The Syncier Marketplace supports the digital transformation of insurers by promoting creative exchange. The focus is on both the consumers and the providers within the insurance industry. Syncier filters which API providers offer the best solution in advance, and creates a clear overview of the USPs, technical specifications (Swagger), and the respective services' pricing structures. The in-depth knowledge within the insurance world allows the Syncier Marketplace to respond to the industry's needs. It remains a marketplace for insurers by insurers.
This interview was conducted by Leander Lork and Victoria Durner.
Have we piqued your interest? Then get in touch with our Head of Sales, Paul Rusu! email@example.com