Allianz Trade and BPL Revolutionize Insurance Enquiry Processing with Digital Integration

Allianz Trade and BPL Revolutionize Insurance Enquiry Processing with Digital Integration

(IN BRIEF) Allianz Trade and BPL have launched a pioneering collaboration aimed at streamlining the processing of bank non-payment insurance enquiries. Utilizing API integration via Verisk’s Whitespace platform, the initiative eliminates manual data entry inefficiencies and enhances data security. This partnership aims to boost operational efficiency, reduce errors, and catalyze market growth in the insurance sector.

(PRESS RELEASE) MUNICH, 18-Jun-2024 — /EuropaWire/ — Allianz Trade and BPL have joined forces in a groundbreaking collaboration aimed at revolutionizing the handling of enquiry data in the bank non-payment insurance sector. This initiative, launched via the digital trading platform Whitespace from Verisk, marks a significant departure from traditional methods burdened by manual data entry and fragmented information formats.

Currently, the market sees over 10,000 enquiries annually, each requiring underwriters to manually input data from diverse, unstructured sources—a process prone to errors and resource drain. Through their API integration on Whitespace, Allianz Trade and BPL have established a standardized framework for exchanging enquiry data seamlessly between their systems. This innovation not only enhances operational efficiency but also minimizes risks associated with human error.

Christophe White, Global Head of Specialty Credit at Allianz Trade, emphasized the strategic shift towards freeing underwriters to focus on core underwriting tasks, enhancing client service and operational precision. The collaboration leverages Verisk’s Whitespace platform, ensuring security and fostering an open, independent marketplace environment.

Sian Aspinall, Group CEO of BPL, highlighted the scalability and inclusivity of their model, designed to accommodate the entire market. As more stakeholders adopt this digital approach—whether through API integration or direct use of the Whitespace platform—the initiative promises to alleviate industry-wide inefficiencies and spur market expansion.

Grant Elliott, Chief Commercial Officer for Whitespace at Verisk, commended the partnership’s commitment to addressing long-standing industry challenges. He underscored Whitespace’s role in facilitating digital transformation across insurance sectors, urging market participants to embrace data-centric trading solutions for operational enhancement and sustainable growth.

This collaboration represents a pivotal step towards modernizing insurance practices, enhancing data integrity, and fostering a more agile marketplace poised for future innovation and expansion.

About Allianz Trade
Allianz Trade is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in +83 million corporates solvency. We give companies the confidence to trade by securing their payments. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Allianz Trade is present in over 50 countries with 5,700 employees. In 2023, our consolidated turnover was € 3.7 billion and insured global business transactions represented € 1,131 billion in exposure.

About BPL

BPL is the world’s leading broker specialising exclusively in credit and political risk insurance (CPRI) for multinational corporations, financial institutions, global investors and public agencies. Founded in 1983, BPL has presence across the world and in all the major insurance hubs – London, New York, Paris, Geneva, Hong Kong and Singapore. BPL’s portfolio currently stands at US$82bn, with 20223 premium volume of approximately US$700 million.

About Whitespace

Whitespace Software Limited is a London-based technology company focused on the digital transformation of the insurance industry. A Verisk (Nasdaq: VRSK) business, Whitespace has particular expertise in digital contracts, electronic trading, claims management, pricing, and Lloyd’s members’ agents – the area that drove its first success when it started in 1985. Today it uses the very latest technologies to deliver the best possible digital insurance experiences at internet scale and with enterprise security. A key focus is the Whitespace Platform, the truly digital platform for the global (re)insurance marketplace.

Media Contact:

Maxime Demory
+33 06 46 21 72 69
maxime.demory@allianz-trade.com

SOURCE: Allianz SE