The insurance and financial service industries can successfully make use of an API marketplace and internal API gateway to securely shape their API Management.

What’s the purpose of this API security whitepaper?

The purpose of this article is to shed light on how the insurance and financial service industry can successfully make use of an API marketplace and internal API gateway to shape a robust, secure, flexible, and scalable API management strategy, addressing the relevant use cases and integrating best design principles for API security.

Who should have a look at it?

Technology executives, architects, and engineers who are concerned, interested in, and/or responsible for defining a successful API management strategy for their company.

Recommended reading: “How CIOs and CTOs Can Drive Quality and Innovation Through an API Enterprise Marketplace” — By Dr. David Vazquez Cortizo, Managing Director of apinity

A short introduction

API design refers to the process of developing application programming interfaces (APIs) that expose data and functionality for use by developers and users. APIs are important to modern organizations, adding new capabilities to everything from their operations and products to their partnership strategies.

API management refers to the processes for distributing, controlling, and analyzing the APIs that provide functionality and data. The goal of API management is to allow organizations that create APIs or use others’ APIs to monitor activity and ensure the needs of the users, developers and organizations using the API are met.

In this article, we will address the security considerations that insurance and financial corporations must consider when designing their API management strategy. We will describe the most relevant use cases and present how the combination of an external marketplace with an internal API gateway provides a very compelling solution to address both technical challenges and business opportunities.

Investing in such an internal API marketplace helps companies encourage the development and usage of APIs, increase efficiency, and foster standardization. However, based on industry insights, building a first minimal viable product (MVP) in-house requires a team of around 15-20 people over a period of 18-24 months, including ongoing maintenance efforts. Therefore, purchasing a ready-to-use Software as a Service solution like apinity exchange offers a convenient alternative to immediately start participating in the booming API economy at a fairly low price.

Download the comprehensive whitepaper for insurance API, architecture and development leads & teams here: API Security Whitepaper