Allianz Trade and BPL launched an industry-first collaboration to transform how underwriters and brokers share enquiry data using Application Programming Interface (API) integration via Whitespace, a Verisk business.
“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,” says Christophe White, global head, specialty credit, Allianz Trade.
"We are thrilled to see our shared vision with Allianz Trade come to life. But crucially, we took care to ensure the standardized 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 catalyzing market growth,” adds Sian Aspinall, group CEO, BPL.
Key takeaways:
- The initiative looks to overhaul the inefficiencies plaguing underwriters when receiving broker enquiries in the bank non-payment insurance space.
- By establishing a standardized framework for typical non-payment insurance enquiries, Allianz Trade and BPL created an end-to-end API-integration system making it possible for the insurer and broker to exchange enquiry data instantly and seamlessly between their own systems via Whitespace from Verisk.
