Digital Insurance Agenda

Syncier Marketplace: Crafting Your Insurance API strategy

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Nov 6, 2020

German insurtech Syncier feels insurance companies are just as strong as their underlying IT systems, but also thinks the two major demands (fast go-to-market at cheapest costs) cannot be resolved with pure in-house developments. Instead, they believe in the power of partnerships and the open trade of services wherever it is beneficiary for the business strategy. In order to enable that, they built the Syncier Marketplace.

The Syncier Marketplace is an open platform where the entire insurance industry can exchange and manage technical services. It gives business responsibles and developers quick and easy access to the best software extensions in the highly regulated insurance world. You can find, compare and purchase API services to enrich your internal processes and your sensitive customer experience immediately. It ensures an easy technical integration and provides all tools required to manage  internal and external API services within an entire organization.

Delivering innovations in little time
Today, customer expectations change quickly which challenges the insurance companies to adapt their products, processes and experience quickly to the customers’ needs. But how do you deliver innovative benefits in a short time and keep internal development expenses low at the same time?

The Syncier Marketplace solves these challenges by offering all kinds of insurance-relevant services along with all technical details for decisions, rapid integration and ongoing management. The subscription-based model lowers risk of picking dissatisfactory services and avoids a long-term vendor lock-in. Once selected and subscribed, the technical integration is a matter of hours since the platform allows custom endpoint configuration, API documentation, different authentication methods, metering, billing and analytics tools.

Syncier also offers the private area, which allows you the same but then aimed at internal API. Most people who are Head of IT cannot tell which and how many APIs are actually in use, or evaluate how they perform. Having no answer to these questions negatively affects your business numbers.
The private area allows you to scale services across projects and divisions and helps you to prevent unnecessary maintenance fees. Get feedback over the performance and decide to offer specific services to other insurance companies to extend your strategic partnerships.

How it works

On the Marketplace you explore a variety of services that are highly relevant to the insurance industry. You can look for a specific service or filter by category. The short description allows you to pre-screen services that you are interested in. By clicking on one you will receive a more detailed description of the key features as well as the technical documentation with the different pricing plans, this service offers. After subscribing to a service you will receive the endpoint URL that you can directly implement into your existing IT infrastructure.


Why we selected Syncier for DIA Prime Time
Syncier has a unique catalogue of services including extensive descriptions, use case benefits and smart API documentations. The self service portal makes it possible to easily publish own services without any setup fee. Next to that, it’s integrated effortlessly to a company’s API and IAM Infrastructure.

Anna-Carina Häusler, Head of Product & Business, will be speaking at DIA Prime Time: “Syncier Marketplace is the open platform for discovering, integrating and monetizing APIs and services for the insurance industry to drive digital transformation.”

Who is Syncier?
Syncier was founded by Allianz in 2018, but with the explicit goal to provide an open and independent insurance platform for the entire insurance industry. Since the start of Syncier, they developed considerably, from a product, employee, and management perspective. Their ambition is to build an industry platform, a solution from insurers for insurers. To this end, they will also consistently develop our ecosystem with additional, complementary products and services.

There are currently 230 employees working at Syncier. Syncier has their headquarter based in Munich, but is operational in Germany, Austria, France, Kiev and Singapore. Stakeholders consist of Allianz and Microsoft, but Syncier is working on further investors to push Allianz into minority. Their revenue lays at 35 Million.

 
Dr.Ralph Seitz, Managing Director & David Vazquez Cortizo, Director at Syncier

https://www.syncier.com/en

Check out their live demo here:
https://www.digitalinsuranceagenda.com/dia-tv/video/open-marketplace-a-full-stack-api-ecosystem-which-allows-insurers/

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