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Insurer Allianz Trade and credit and political risk insurance broker, BPL, have launched a collaboration to transform the way underwriters and brokers share enquiry data using Application Programming Interface (API) integration through the independent digital trading platform Whitespace, a Verisk business.
Christophe White, Global Head, Specialty Credit, Allianz Trade, commented: “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.”
He continued: “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.”
This initiative aims to address the inefficiencies underwriters face when receiving broker enquiries in the bank non-payment insurance sector.
In a market generating over 10,000 enquiries annually, underwriters currently must manually input data from various unstructured and non-standardised formats, incurring significant time and resource costs, increasing the risk of human error, and limiting market growth.
Sian Aspinall, Group CEO, BPL, added: “We are thrilled to see our shared vision with Allianz Trade come to life. But crucially, we took care to ensure the standardised framework that underpins the integration could work for our whole market. 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.”
By establishing a standardised framework for typical non-payment insurance enquiries, Allianz Trade and BPL have developed an end-to-end API integration system.
This system allows instant and seamless data exchange between the insurer and broker systems via Whitespace from Verisk, a trusted platform enabling brokers and underwriters to offer, negotiate, place, and bind (re)insurance contracts securely and digitally. Following a successful proof of concept, the initiative is now live.
Grant Elliott, Chief Commercial Officer for Whitespace, a Verisk business, noted: “We are delighted to support Allianz Trade and BPL in their collaboration, and were impressed throughout the process by their dedication to solve what has been a long-standing challenge among brokers and insurers.”
“Their trust in Verisk’s Whitespace Platform is hugely exciting, and we hope this work inspires other market participants to consider how data-first digital trading can help them overcome operational challenges and bring greater efficiencies to our market,” continued Elliott.
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