Allianz Trade, BPL Unveils API System via Whitespace

Allianz Trade BPL Unveils API System
Allianz Trade and BPL launch an API-integrated system via Whitespace to streamline enquiry data sharing, for accuracy and efficiency for underwriters

Leading insurer Allianz Trade and specialist credit and political risk insurance (CPRI) broker BPL have launched a collaboration for enquiry data sharing between underwriters and brokers. By using Application Programming Interface (API) integration through the independent digital trading platform Whitespace, a Verisk business, this initiative aims to streamline and digitalise the enquiry management process.

Underwriters in the bank non-payment insurance sector have historically faced significant inefficiencies. With over 10,000 enquiries annually, they must manually input data from unstructured, non-standardised information into their systems. This manual process is time-consuming, resource-intensive and prone to human error - a devastating consequence for future software development.

Collaboration for Enquiry Data Sharing

The new system introduced by Allianz Trade and BPL addresses these issues by establishing a standardised framework for typical non-payment insurance enquiries. The end-to-end API integration enables insurers and brokers to exchange enquiry data instantly and seamlessly through Whitespace. This platform, well-regarded in the insurance industry, facilitates secure digital transactions, allowing brokers and underwriters to offer, negotiate, place, and bind (re)insurance contracts efficiently.

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 of BPL

Sian Aspinall, Group CEO, BPL, 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, a Verisk business, 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

After a successful proof of concept, this innovative API-powered system is now operational, promising to transform the enquiry management process by reducing the time and resources required by underwriters, thereby unlocking new potential for market growth.

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