International insurance broker Howden has partnered with Allianz Trade to have the company connect with its API for structured credit insurance.
According to Howden, this partnership reflects the rapidly developing landscape of the structured credit insurance market, which is quickly digitising to better serve institutional clients.
The partnership is also Howden’s second API partnership in the sector this quarter.
APIs (Application Programming Interfaces) are efficient data-sharing protocols that integrate data formats and languages from different organisations, cutting costs by removing the need to reconcile or manually adjust data between connecting parties.
The HowdenCAP-Allianz Trade collaboration allows Howden clients and their broking team to obtain offers and execute business from across the structured credit risk market, delivering a fast, data-driven method of trading and placement of insurance.
Paul Hiller managing director of Howden’s xTrade platform, said, “This is yet another example of leveraging Howden’s systematic capture of structured data to drive a more efficient data-led operating model in our market. This collaboration with our friends at Allianz Trade further demonstrates the viability of an API-connected marketplace and positions Howden as the most technologically advanced broker to work with.”
Oliver Bowes, executive director at HowdenCAP, added, “Our second API in as many months illustrates our continued drive for market integration and heightened efficiency. We are truly delighted to reach this milestone with Allianz Trade and now we look forward to welcoming our third integrated Insurer very soon!”
Howden Re recently announce that it is to create a global MGA business Howden Tiger SabRE (SabRE) in partnership with TigerRisk.
Also earlier this year, Howden launched a voluntary carbon credit insurance product in partnership with Respira International and Nephila Capital.
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