Howden CAP, part of Howden Broking, and AXA XL have announced they will collaborate to develop structured credit Application Programming Interfaces (APIs).
This development, a Howden spokesperson said, reflects Howden CAP and AXA XL’s commitment to utilise digital platforms to enhance efficiency and market integration, and to provide seamless insurance solutions for institutional clients.
The news also follows Howden CAP’s successful integrations with Mosaic and Allianz Trade, as it looks to create the world’s first comprehensive API network for any specialty insurance product in the market.
Oli Bowes, Executive Director, Howden CAP, commented: “With the AXA XL collaboration, we are truly highlighting the great strides that Howden CAP is making in this area. We are now seeing a heightened interest across the structured credit market in respect to integration with Tepfin X and we expect to see increased activity throughout 2023.
“While Howden CAP is the only broker in the London structured credit insurance market to have direct APIs with insurers, we welcome our broker peers to partner with us as we develop this network.”
APIs are efficient data-sharing systems that integrate data formats and languages from different organisations. They cut costs by eliminating the need to reconcile or manually adjust data between connecting parties.
By collaborating with underwriters, Howden CAP clients and their broking teams can obtain offers and execute business, delivering a data-driven method of trading and placement of insurance, Howden explained.
Paul Hillier, Managing Director of Howden’s xTrade platform, said: “As the market digitises, we are committed to becoming the simplest and most advanced broker to work with.
“Providing structured data to our carrier partners in real time will help to achieve this ambition. We are excited to collaborate with a company with the scale and reach of AXA XL to expand Howden’s rapidly developing API framework via Tepfin X.”
Jay Hopkins, Divisional Director at Howden CAP, noted that, with this collaboration, Howden CAP and AXA XL are taking a leading role in systems integration and interoperability between insurers and brokers.
He added: “This will be another milestone in the Credit Political Risk Insurance market, utilising the latest electronic placement tools for the presentation, negotiation, binding and management of credit insurance contracts through APIs. APIs will play a fundamental and unifying role in the structured credit market’s digital transition.”
Ian Nunn, Head of Political Risk, Credit & Bond, AXA XL, UK & Lloyd’s, commented: “Supporting the changing needs of our clients as they operate in an increasingly digital environment is a key priority for AXA XL in the UK.
“This innovative collaboration with Howden CAP will help to further drive market efficiency by digitising the service of our Political Risk, Credit & Bond products to achieve enhanced data-driven workflows between clients, brokers and insurers.”
