The move is said to highlight both Howden CAP and Pernix’s commitment to utilise digital platforms to enhance market efficiency, offer improved solutions to clients, and drive the adoption of digital transactions within the London Market.
Through this partnership, Pernix will be able to leverage Howden CAP’s structured credit API, which provides structured, digital formats of policy submission data for easy integration into internal underwriting applications.
The Howden API was designed to address multiple inefficiencies within the insurance placement value chain, as well as enhance management information related to structured submission data.
This, according to Howden, presents a significant opportunity for underwriters to improve efficiency, accuracy, and cost-effectiveness.
Howden CAP’s partnership with Pernix follows other recent API collaborations with Allianz Trade, AXA, Coface, and Mosaic.
Commenting on the partnership, Howden CAP divisional director Jay Hopkins highlighted the ongoing “digital shift” that is happening within the structured credit insurance market.
“We’re delighted that Pernix has joined us on this journey, and we look forward to taking our partnership to the next level,” said Hopkins. “We welcome our broking peers to join us on our venture to enhance the efficiency of the insurance placement process for all participants – our door remains open.”
Paul Hillier, managing director of xTrade, also commented on the collaboration, saying that he’s been “hugely impressed” with how quickly Pernix has integrated the Howden API.
“They now have access to their structured credit risk data in real time, speeding up the process to deliver a leading service to clients,” said Hillier. “Our API aims to make it easy for our insurer partners to digitally connect with Howden’s distribution across a growing number of product lines.”
Pernix CEO Kade Spears added her perspective, emphasising how the company is uniquely positioned compared to its peers.
“The company is dedicated to political and non-payment risks insurance,” said Spears. “Our experienced team is completely focussed on underwriting individual risks.
“Pernix’s underwriting infrastructure is bespoke, and this has enabled integration into Howden’s dataset in record time. The purpose of this singular focus is to provide Pernix’s partners best-in-class underwriting results.”
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