Insurance broker Howden has announced that Pernix Specialty Limited has joined Howden CAP as its latest API (Application Programming Interfaces) partner.
This partnership heavily reflects both Howden CAP and Pernix’s commitment to use digital platforms to improve efficiency in the marketplace, as well as provide enhanced solutions for clients and lead the shift towards digital transacting in the London Market.
Moreover, this development also enables Pernix to draw down on Howden CAP’s Structured Credit API, which makes all of its policy submission data readily available for ingestion into internal underwriting applications, in a structured, digital format.
The Howden API solves a significant amount of inefficiencies within the insurance placement value chain, while enhancing management information relating to structured submission data. This ultimately represents a key opportunity for underwriters, enhancing efficiency, accuracy, and cost.
Jay Hopkins, Divisional Director, Howden CAP, said: “Our partnership with Pernix is yet another proof point of the digital shift that is taking place within the structured credit insurance market. We’re delighted that Pernix has joined us on this journey and we look forward to taking our partnership to the next level. We welcome our broking peers to join us on our venture to enhance the efficiency of the insurance placement process for all participants – our door remains open.”
Paul Hillier, Managing Director, xTrade, added: “I’ve been hugely impressed with the speed at which Pernix have integrated with our API. They now have access to their structured credit risk data in real time, speeding up the process to deliver a leading service to clients. Our API aims to make it easy for our insurer partners to digitally connect with Howden’s distribution across a growing number of product lines.”
Kade Spears, CEO, Pernix, said: “Pernix is different from its peers. The company is dedicated to political and non-payment risks insurance. Our experienced team is completely focused on underwriting individual risks. Pernix’s underwriting infrastructure is bespoke and this has enabled integration into Howden’s dataset in record time. The purpose of this singular focus is to provide Pernix’s partners best-in-class underwriting results.”
Howden recently suggested that the size of the cyber insurance market could reach $50 billion by 2030, however the realisation of this potential is tied to three key factors: distribution, tail-risk management and attracting capital.
