Broker Howden has pulled together a panel of 20 insurers on its xTrade Cargo platform to offer brokers the ability to bind complex cargo risks digitally on the platform, which began life as a proof of concept for cargo SME business.

xTrade Cargo enables insurer participants to collect, share and integrate standardised risk data into their own pricing and modelling systems. Lloyd’s has accredited the platform for e-placement and Howden expects to roll it out across all specialty lines.

Jonathan Eaton, head of cargo and stock throughput at Howden Specialty, said: “In a market that has historically struggled to effectively adapt to the technology revolution, we have identified a line-specific digital trading platform where we can exchange data with carriers to help them bind complex open market business seamlessly.

“We’re delighted that a large group of leading capacity providers have been attracted by the significant pricing, speed and efficiency opportunities, the benefits of which can be passed on to their end clients.”

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