Munich Re has acquired apinity, a start-up that supplies application programming interface (API) solutions in the form of Software as a Service (SaaS) for the insurance industry.
apinity combines a software platform with a marketplace for sector-specific API services. Munich Re acquired 100% of the shares in apinity GmbH. The deal came into effective 4 October 2022.
The two parties agreed not to disclose the purchase price.
The acquisition sees Munich Re employ all current personnel, and maintain both existing business relationships and the technology platform, including all established third-party services.
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.
Munich Re said that 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.
The global insurance provider added that apinity will make it far easier for insurers in particular to participate in the key area of open insurance.
Torsten Jeworrek, member of Munich Re’s board of management, said, “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.”
Munich Re Ventures, the venture capital arm of Munich Re Group, has invested in visual fleet management platform ShipIn Systems.
By deploying AI-powered cameras and real-time analytics, ShipIn alerts shipowners, managers, and seafarers to onboard anomalies around bridge activities, safety and security, cargo operations and maintenance.
Copyright © 2022 FinTech Global
