HowdenCAP, a division of British-based international insurance broker Howden, and Bermudian-based specialty carrier Mosaic Insurance have launched a pioneering integration of their technology platforms that promises to drive efficiency and speed of risk placement in the structured credit insurance market.

The milestone, the result of a partnership between HowdenCAP and Mosaic, 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 exchanged and processed easily 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.

“This is an extremely exciting development in the Tepfin X journey, and we are delighted to have achieved this significant milestone with Mosaic,” said Oliver Bowes, executive director, HowdenCAP — global credit solutions. “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!”

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.

“Free of any tech legacy, Mosaic’s digital operating model is built to drive frictionless data exchange with our partners, and our API gateway is its key building block,” said Abhijeet Kuray, chief technology officer at Mosaic.

“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.”

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.”

Tepfin X was developed in-house on Howden’s xTrade platform for HowdenCAP’s global credit solutions team.

Mosaic is supported by Trident International Inc to implement its automated, API gateway, part of an overall architecture and data platform facilitated through a partnership with DXC Technology.

Last month, Mosaic’s platform was recognised for innovating risk management, winning in the Data/Analytics category of Aite-Novarica Group’s 2022 Insurance Technology Impact Awards.