HowdenCAP, a unit of British insurance intermediary Howden, and speciality carrier Mosaic Insurance have launched an insurtech integration in hopes to enhance efficiency and speed of risk placement.
The collaboration, aimed at the structured credit insurance market, is claimed to be the first direct insurer-broker application programming interface (API) in the sector.
The tie-up will see HowdenCAP’s Tepfin X structured credit insurance placement system use its API to connect with Mosaic’s insurtech platform through the carrier’s API Gateway.’
HowdenCAP and Mosaic expect the integration to enable sharing and processing of structured data, allowing clients and their brokers to obtain offers and engage in business from across the structured credit risk market.
HowdenCAP – global credit solutions executive director Oliver Bowes said: “It is very apparent that the structured credit market is becoming severely fragmented, creating huge inefficiencies for insurers. APIs are a key tool to negate this issue and this is the first step for us in creating an end-to-end ecosystem that will be of great benefit to our clients in the long run.”
Mosaic chief technology officer Abhijeet Kuray said: “We are very happy to be part of this ground-breaking market development with Howden. Its Tepfin X platform has a well-designed API layer that integrates with our API Gateway to create seamless transfer of trading and placement information. We expect this to bring significant efficiencies and improve speed of processing risks.”
Recently, Howden announced plans to expand in the French market by acquiring CRF Conseils.