Howden has launched xTrade Cargo, an end-to-end digital trading platform.
This new initiative launched as a proof of concept in 2019 for Cargo SME business and today provides 20 leading cargo carriers with access to the largest and most complex cargo risks in the sector. It enables insurer participants to collect share and integrate standardised risk data into their own pricing and modelling systems.
Jonathan Eaton, head of cargo and stock throughput at Howden Specialty, said: “xTrade Cargo is a defining moment in the history of London’s oldest specialty class. In a market that has historically struggled to effectively adapt to the technology revolution, we have identified a line specific digital trading platform where we can exchange data with carriers to help them bind complex open market business seamlessly. We’re delighted that a large group of leading capacity providers have been attracted by the significant pricing, speed and efficiency opportunities the benefits of which can be passed on to their end clients.“
He added: “xTrade Cargo embodies our commitment to use digital technology to connect our clients to our markets and as the industry continues to grapple with how to meet complex risk solutions whilst reducing frictional costs, we’re excited by the potential of this platform and in time, applying its principles to other specialty lines that are in major need of transforming.”
Howden said it currently transacts gross written premiums of $160m, which it aims to grow to $200m by the end of 2022 The platform which is recognised by Lloyd’s for e-placement and will conform to the CDR data standard, is expected to be rolled out across all specialty lines.
Paul Hillier, managing director of Howden’s xTrade platform said: “As a Group, we have made significant investment into our digital capabilities to create data driven solutions for our clients We are working with a growing number of insurers to achieve this and xTrade Cargo is the next step in our strategy to roll out digital trading across all specialty classes By delivering structured risk data to insurers in a format they want, our ambition is to become the broker of choice in the emerging digital marketplace.”
