The initiative aims to address inefficiencies in the bank non-payment insurance space, where underwriters manually input unstructured data, leading to errors. By developing a standardised framework, Allianz Trade and BPL’s API-integration system allows seamless data exchange between insurers and brokers. The successful trial has led to the system going 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. The next step is sharing these efficiencies more widely.”
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.”
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 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.”
Source: FintechFinance
