As the trade credit and political risk insurance market awaits the full financial impact of the pandemic, insurers and brokers alike are using the calm before the storm to create cost and agility advantages through digitalisation. Eleanor Wragg reports. The critical risk absorption role played by insurance in trade has never been more apparent .
Dialogue Exchange, a UK-based independent credit and political risk insurance platform, has created a set of free, open common standards for single credit risk insurance, as part of wider efforts to bring the market into the digital age.
Launched today, the single risk credit data standard sets out unified terms for field names, counterparty industries and cover required for structured credit transactions across a number of deal types. The aim, Dialogue CEO Ben Heaney tells
GTR, is to reduce ambiguity and duplication, so that industry stakeholders can easily exchange and use data for their own needs regardless of how it was created or collected.