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An API Marketplace for Insurance Companies

How APIs make insurance more secure, compliant, and tailored to customer needs
Data exchange and integration with third-party partners are crucial parts of any modern insurance company. By leveraging Rapid to create a searchable API marketplace where you and your partners can exchange and collaborate on next-gen APIs, your organization can generate multiple new revenue streams and sharpen your competitive edge.

Drive Revenue

Your newest API might be just what your partners need to streamline their operations, elevate their services, and deliver next-gen products. Through Rapid’s API marketplace, insurance companies can charge for APIs that facilitate claims processing, risk assessment, fraud detection, custom-tailored offers, point-of-sale embedding, and enhanced customer service, as well as compliance and regulatory services to navigate strict, ever-evolving regulations.

Why a Sound
API Strategy Is Critical for
Insurance Companies

From the rise of insurtech startups to supporting digital innovation for existing channel partners to giving customers the best possible experience, integration is not a nice-to-have, but a necessity. To keep pace, insurance companies are leveraging APIs to power their modernization efforts. Using APIs, insurance companies can build applications that leverage third-party offerings – providing customers with more integrated and innovative services. Additionally, initiatives such as “Open Insurance” are gaining traction among insurance providers who want to create an ecosystem that enables them to share data through APIs.

Empowering Developers in
Insurance

Give your developers a standardized, easy way to make their APIs available to other developers and partners. Provide complete and instant visibility into usage and quality. Empower them to engage directly with the consumers of their APIs for instant feedback and easier support.

Business Outcomes

Welcome to the world’s largest public API Hub. The Rapid Public API Marketplace currently supports over 40,000 APIs, over 12,000 API publishers, over 200,000 monthly active subscribers, millions of registered developers, and over 5 billion API requests a month.
Faster market arrival
More revenue
Stronger competitive edge

Case Study: Sun Life Empowers Distribution Partners Across the Globe

Challenge

Without a unified platform for building and delivering APIs, Sun Life’s team and partners struggled to collaborate effectively and efficiently.

Solution:

Rapid’s marketplace connected all lines of business across Sun Life’s entire API ecosystem, facilitating:

Smoother collaboration for 40K+ employees and 600+ partners

Dramatic cost reductions

New revenue generation

What Sets Rapid
Apart

Integrates seamlessly with internal systems

Supports all of the provider’s APIs

Works with any API gateway or management system

Deploys across multi-cloud environments

Provides a dedicated dashboard for managing APIs and ensuring data security,compliance, and adherence to SLAs

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