FINANCIAL SERVICES | Staff Reporter, Singapore

Anapi offers protection for digital startups

Its smart API platform is complemented by a machine learning engine.

Using its smart API platform, Anapi allows any business to easily add relevant insurance to their digital services. Anapi founder and chief executive officer George Kesselman said insurance needs to be designed differently for the digital world. "We partnered with leading insurers and deliver tailored protection via our smart API platform," he said. 

Launched last November 2017, Kesselman said Anapi solves a fundamental problem in the insurance industry in which insurance firms have drifted into a more grey territory of helping themselves make profits first before helping their customers.

He explained that digital startups usually find themselves with no protection because insurance companies do not understand their businesses.

"The common painful theme kept coming up. There's no relevant option to protect ourselves and our customers in digital," said Kesselman. "Many of the startups had spoken to insurers and felt that insurers either didn't understand or weren't interested to help them."

At the heart of Anapi's services is technology that drastically simplifies insurance, making it a frictionless experience for both startups and their users. "Whilst API is the heart, Sanya is our Reinforcement Learning AI Engine. Sanya is quickly learning about all kinds of things people and businesses are worried about and the best ways to protect them," explained Kesselman.

In the past four months, Kesselman said 10 digital startups have already expressed interest in being part of Anapi's insurance pilot. He added that they remain optimistic about Anapi's initial round of funding which will fuel the firm for the next 18 months. 

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