HowdenCAP, a division of Howden, and Mosaic Insurance have integrated their technology platforms in an effort to drive efficiency and speed of risk placement in the structured credit insurance market.
The initiative introduces a direct insurer-broker application programming interface (API) to the insurance sector.
Through its API, HowdenCAP ’s Tepfin X structured credit insurance placement system connects with Mosaic’s insurtech platform through the Mosaic’s API Gateway, enabling structured data to be easily exchanged and processed for submissions intake and triage.
The HowdenCAP-Mosaic collaboration allows clients and their brokers to obtain offers and execute business from across the structured credit risk market for the trading and placement of insurance.
HowdenCAP’s Tepfin X API connects outwardly to any API-ready structured credit broking, client or insurer system.
Mosaic’s API Gateway is integrated with several data augmentation and risk evaluation services, and can be used by all brokers, reinsurers, and other partners with whom Mosaic works.
Tepfin X was developed in-house on Howden’s xTrade platform for HowdenCAP’s Global Credit Solutions team.
Oliver Bowes, executive director, HowdenCAP – global credit solutions, says: “This is an extremely exciting development in the Tepfin X journey, and we are delighted to have achieved this significant milestone with Mosaic. It is very apparent that the structured credit market is becoming severely fragmented, creating huge inefficiencies for insurers. APIs are a key tool to negate this issue and this is the first step for us in creating an end-to-end ecosystem that will be of great benefit to our clients in the long run.”
Abhijeet Kuray, chief technology officer at Mosaic, comments: “We are very happy to be part of this ground-breaking market development with Howden. Its Tepfin X platform has a well-designed API layer that integrates with our API Gateway to create seamless transfer of trading and placement information. We expect this to bring significant efficiencies and improve speed of processing risks.”
