Mosaic & Howden tie the platform knot for seamless credit insurance
Specialty insurer Mosaic Insurance and global insurance broker Howden will combine their powers in technology platforms in what its creators call the first direct insurer-broker tie up of its type, set to cut costs and enable faster risk-placement in structured credit insurance.
“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,” sides said in a joint statement.
In the deal, HowdenCAP ’s Tepfin X structured credit insurance placement system connects with Mosaic’s insurtech platform to enable structured data exchange and processed for coverage submissions. API connections allow for immediate and unencumbered translations between the platforms.
The executive director of HowdenCAP – Global Credit Solutions, Oliver Bowes, commented: “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. Now we are API-proven, we are taking this opportunity to invite all insurers and clients (and brokers) to come and integrate with Tepfin X—we are ready!”
Mosaic’s chief technology officer Abhijeet Kuray noted: “Mosaic’s digital operating model is built to drive frictionless data exchange with our partners, and our API Gateway is its key building block. 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.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
