HowdenCAP & Mosaic to integrate tech platforms
HowdenCAP, a division of Howden, the international insurance broker, and specialty carrier Mosaic Insurance are to integrate their technology platforms to drive efficiency and speed of risk placement in the structured credit insurance market.
The deal is the result of a partnership between HowdenCAP and Mosaic, and according to the companies represents the first direct insurer-broker application programming interface (API) in the sector.
Through its API, HowdenCAP ’s Tepfin X structured credit insurance placement system connects with Mosaic’s award-winning insurtech platform through the specialty carrier’s API Gateway, enabling structured data to be easily exchanged and processed for submissions intake and triage.
APIs are efficient data-sharing protocols that integrate data formats and languages from different organisations, cutting costs by removing the need to reconcile or manually adjust data between connecting parties. The HowdenCAP-Mosaic collaboration allows clients and their brokers to obtain offers and execute business from across the structured credit risk market, delivering a fast, data-driven method of trading and placement of insurance.
Paul Hillier, managing director of Howden’s xTrade platform, said: “Our digital design philosophy is based around a desire to create solutions adapted to the intricacies of each line of business, underpinned by a standardised data model. As we continue to create highly efficient connections that enhance the products and services we provide, this launch is an important step in achieving our ambition to be the simplest yet most advanced broker with whom to work.”