European insurer, Allianz Trade, is collaborating with BPL, a specialist credit and political risk insurance (CPRI) broker, to improve how underwriters and brokers share enquiry data using Application Programming Interface (API) integration via the independent digital trading platform Whitespace, a Verisk subsidiary.
Through the partnership, both Allianz Trade and BPL are aiming to overhaul inefficiencies currently plaguing underwriters when receiving broker enquiries in the bank non-payment insurance space.
In a market generating over 10,000 enquiries a year, underwriters are forced to manually type data into their systems from significant amounts of unstructured, unstandardised information. This typically results in large amounts of time and resources lost, alongside increased risk of human error and a critical constraint on market growth.
To tackle this, Allianz Trade and BPL established a standardised framework for typical non-payment insurance enquiries, building an end-to-end API integration system. With this, it is possible for the insurer and broker to exchange enquiry data instantly between their systems via Whitespace, an insurance platform enabling brokers and underwriters to offer, negotiate, place and bind insurance contracts with each other via a secure, digital platform.
Christophe White, global head of speciality credit at Allianz Trade, discussed the framework: “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.”
Solving through standardisation
The solution hopes to solve a significant issue for the market. If skilled underwriters no longer have to spend a significant amount of time transposing data from one space to another, this issue can no longer constrain market growth – offering wider benefits beyond singular firms.
Sian Aspinall, group CEO of BPL
Sian Aspinall, group CEO of BPL, also 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, said: “We are delighted to support Allianz Trade and BPL in their collaboration, and were impressed throughout the process by their dedication to solving 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.”
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