Leading insurer Allianz Trade and specialist credit and political risk insurance (CPRI) broker BPL have today launched an industry-first collaboration to transform how underwriters and brokers share enquiry data using Application Programming Interface (API) integration via independent digital trading platform Whitespace, a Verisk business.
The initiative looks to overhaul the inefficiencies plaguing underwriters when receiving broker enquiries in the bank non-payment insurance space. Currently, in a market that generates an estimated 10,000+ enquiries a year, underwriters are forced to manually type data into their systems from swathes of unstructured, unstandardised information in myriad formats – representing significant time and resource costs, risk of human error and a critical constraint on market growth.
But by establishing a standardised framework for typical non-payment insurance enquiries, Allianz Trade and BPL have been able to create an end-to-end API-integration system – meaning it is possible for the insurer and broker to exchange enquiry data instantly and seamlessly between their own systems via Whitespace from Verisk, a well-established platform in the insurance space that enables brokers and underwriters to share this data with each other via a secure, digital platform. Now, after a successful proof of concept, the initiative is live.
Christophe White, Global Head, Specialty Credit, Allianz Trade, said: “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.”
Sian Aspinall, Group CEO, BPL, said: “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.”
Grant Elliott, Chief Commercial Officer for Whitespace, a Verisk business, said: “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."