The London-based broker BPL Global has joined forces with the French credit insurance company, Euler Hermes, to create the first-ever API-based digital broker-underwriter integration in the Credit and Political Risk Insurance (CPRI) market.
The successful concept enables brokers to place requests for cover and underwriters to receive them without the need to use a third-party platform.
Both companies bring relevant experience and market positioning to the collaboration. BPL Global is the leading broker specialising exclusively in credit and political risk insurance (CPRI) for multinational corporations, banks, and financial institutions.
Meanwhile, Euler Hermes is the world’s leading trade credit insurance underwriter. Its Transactional Cover Unit (TCU) in London participated in the pilot.
TCU provides policies for corporations protecting assets abroad or seeking credit protection for overseas trade transactions, and financial institutions, mainly banks, looking to insure their trade and export financing solutions.
Developers at BPL Global and Euler Hermes used an API (Application Programming Interface) from digital insurance platform Whitespace to integrate their respective internal broking and underwriting systems.
Both companies claim this is a leap forward from other recent CPRI market digitisation initiatives in electronic placement platforms for the presentation, negotiation, binding, and management of credit insurance contracts.
Speaking about the breakthrough solution, Sian Aspinall, Managing Director, BPL Global, said the move illustrates a key next step that the market can take towards systems integration and interoperability between insurers and brokers, and the benefits of API-based integration.
These include enhanced data accuracy, reliability and analytics, faster response times, and simplification - all of which are beneficial for improved customer service.
She explained, “This an exciting breakthrough moment for both Euler Hermes and BPL Global, and an important milestone towards achieving our shared vision of CPRI market-wide digital efficiency.
“Facilitated through API-integration across the Whitespace platform, this development represents real digital innovation that is bespoke to our specialist CPRI class, through a platform that is non-proprietary and widely accessible. Crucially, it will enhance data accuracy, operational efficiency and client service, whilst retaining our specialist focus on our respective broking and underwriting domains.”
Meanwhile, Thomas Laporte-Many, Head of Development & Innovation for Euler Hermes Transactional Cover Unit, called the new API a pioneering move for the insurtech space. “It is an important and promising milestone, allowing us to explore further possibilities to improve the way we operate and serve our partners and clients,” he said.
Global insurance market adoption
It is believed the technology will help the global insurance market to adopt digital trading as a key part of its focus. Jonathan Clarke, founder and chief software developer, Whitespace, the strategic partner on the project, said the solution is fully API enabled. “It has been very exciting to watch BPL Global and Euler Hermes using the APIs without need for the platform’s user interface.”
Whitespace has particular expertise in digital contracts, electronic trading, claims management, pricing and Lloyd’s members’ agents. A key focus is the Whitespace Platform, the truly digital platform for the global (re)insurance marketplace, and one of only two platforms fully approved by Lloyd’s.
Clarke added, “The idea that market firms could build their own proprietary systems and trade through Whitespace was always a key part of our strategy. We are delighted to see this major milestone achieved with a new class of business. I have no doubt that our wider client base will want to realise the same benefits that BPL Global and Euler Hermes have seen.”