Leading insurer Allianz Trade and specialist credit and political risk insurance (CPRI) broker BPL have launched a groundbreaking collaboration to enhance how underwriters and brokers share enquiry data.
The partnership is set to utilise Application Programming Interface (API) integration via the independent digital trading platform Whitespace, a Verisk business.
This new initiative aims to address the significant inefficiencies currently faced by underwriters in the bank non-payment insurance sector. Each year, the market generates over 10,000 enquiries, with underwriters spending extensive time manually entering unstructured and unstandardised data into their systems.
This manual process not only consumes valuable time and resources but also introduces the risk of human error and hampers market growth.
Allianz Trade and BPL have tackled this issue by creating a standardised framework for non-payment insurance enquiries.
This framework underpins an end-to-end API-integration system, allowing seamless and instant data exchange between the insurer and broker systems via Whitespace.
Whitespace, established in the insurance sector, facilitates secure digital data sharing between brokers and underwriters. Following a successful proof of concept, the initiative is now live.
Allianz Trade, a leading global provider of credit insurance, surety, and risk management solutions, is committed to optimising the efficiency of its operations.
By leveraging API integration through Whitespace, Allianz Trade ensures that underwriters can focus more on their core tasks, adding significant value for clients by reducing the time spent on data entry.
The newly launched product, driven by API technology, allows brokers and underwriters to exchange data in real-time, thus enhancing accuracy, reducing errors, and saving time. This integration not only improves operational efficiency but also enhances data security, offering a significant upgrade to the traditional manual processes.
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, remarked, “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, commented, “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.”
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