Allianz Trade and BPL Launch Solution to Digitalize Enquiry Management
Allianz Trade and BPL have teamed up to help underwriters and brokers share enquiry data using application programming interface (API) integration via the independent digital trading platform Whitespace. This collaboration aims to provide solutions for underwriters who receive broker enquiries in the bank nonpayment insurance space, the companies said in a Tuesday (June 18) press […]
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Allianz Trade and BPL have teamed up to help underwriters and brokers share enquiry data using application programming interface (API) integration via the independent digital trading platform Whitespace.
This collaboration aims to provide solutions for underwriters who receive broker enquiries in the bank nonpayment insurance space, the companies said in a Tuesday (June 18) press release.
Currently, these underwriters handle these enquiries by manually typing data into their systems from a variety of unstructured, unstandardized information that they receive in various formats, according to the release.
To digitalize this enquiry management process, Allianz Trade and BPL have established a standardized framework for typical nonpayment insurance enquiries, created an end-to-end API-integration system, and made it possible for insurers and brokers to exchange enquiry data instantly and seamlessly between their systems via Whitespace, the release said.
This solution is now live after the completion of a successful proof of concept, per the release.
With this solution, Allianz Trade’s underwriters will be able to focus entirely on underwriting, while the API plug-in manages flawless data entry, Christophe White, global head of specialty credit at Allianz Trade, said in the release.
“Our collaboration with BPL means that they can do just this, with Verisk’s Whitespace — a trusted and nonproprietary platform — ensuring independence and added data security,” White said. “While we are delighted to already be reaping the benefits, the next step is sharing these efficiencies more widely.”
Sian Aspinall, group CEO at BPL, said in the release that the standardized framework underpinning the integration can work for BPL’s whole market and that the companies urge the market to consider joining the system, “solving our collective pain point and catalyzing market growth.”
Grant Elliott, chief commercial officer at Whitespace, a Verisk business, said in the release that this collaboration solves “what has been a long-standing challenge among brokers and insurers” and can help other market participants improve their efficiency.
In another recently formed partnership, Allianz Trade said in March that it teamed up with B2B trade credit tech platform Nuvo to let Allianz Trade customers use Nuvo to add coverage for new and existing customers, monitor approval policy adherence, and optimize alignment between sellers’ customer risk and their insurance coverage.
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