Allianz Trade and specialist credit and political risk insurance broker BPL have launched a collaboration to enhance the efficiency of how underwriters and brokers share enquiry data.
This initiative uses application programming interface (API) integration via the digital trading platform Whitespace, a Verisk business.
Allianz Trade’s new collaboration aims to address the inefficiencies faced by underwriters in the bank non-payment insurance sector. Currently, the market sees over 10,000 enquiries annually, with underwriters manually entering data from unstructured and varied formats. This process, Allianz Trade highlighted, is time-consuming, prone to human error, and limits market growth.
By creating a standardised framework for non-payment insurance enquiries, Allianz Trade and BPL have developed an end-to-end API-integration system. This aims to facilitate seamless and instantaneous data exchange between their systems through Whitespace from Verisk.
The new platform also enables brokers and underwriters to offer, negotiate, place, and bind re/insurance contracts securely and digitally.
Christophe White (pictured above), global head of specialty credit at Allianz Trade, explained the goal behind the creation of this new system.=
“I want our underwriters to be entirely focused on underwriting. While flawless data entry is critical, it is more efficiently managed through an API plug-in, freeing up time for our underwriters to add more value for our clients. Our collaboration with BPL means that they can do just this, with Verisk’s Whitespace - a trusted and non-proprietary platform - ensuring independence and added data security. While we are delighted to already be reaping the benefits, the next step is sharing these efficiencies more widely,” he said.
Sian Aspinall, Group CEO of BPL, also celebrated the collaboration as one that focuses on pains in the market and further its growth.
“Our proven model is built to be scaled and we collectively encourage our market to consider joining by accessing the system either through an API or simply through the Whitespace platform itself. As more do, we will see the true power of the initiative unlocked – solving our collective pain point and catalysing market growth,” Aspinall said.
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