Whitespace Platform, the fully digital e-trading platform for brokers and insurers, is celebrating the second anniversary of its launch in August 2019.
Since then, 189 organisations have joined the platform, which serves customers in the UK, Europe, North America and Africa across 14 overall classes of business. The pace of adoption and usage has notably increased over the past 14 months, with June 2021 seeing a dramatic 84% increase over business placed during the 2020 July renewal period. Moreover, its fully digital and flexible nature has led to an increase in surprising areas, such as vertical placements and classes of business previously reluctant to rely on digital trading.
The global insurance market faces a number of challenges and opportunities, which the Whitespace Platform is well placed to address. By offering proven technology that is entirely API enabled, user friendly and continuously updated, the platform has enjoyed rapid global growth. Whitespace’s independent and self-funded structure, backed by Sequel and Verisk, also allows it a speed of manoeuvre and versatility that other solutions have failed to achieve.
Marcus Broome, chief platform officer at Whitespace, said: “Our customers were already trading digitally before the pandemic, but covid-19 accelerated extraordinary change in the insurance market and indeed the whole business world. Not only has the market continued to trade but in many ways it has become more efficient.
“What started two years ago as a revolutionary and fully data driven platform has now become very widely accepted. All adopters of Whitespace share the same vision for fully digital, document-free trading, and the early risks they took in supporting Whitespace have resulted in a platform that today processes the highest volumes of fully digital risks in the market.”
Stephen Catlin, Chairman & CEO, Convex and Whitespace Advisory Board member: “Making the leap to truly digital trading is critical, and the Whitespace Platform is playing a vital role to encourage that shift. It is available, it works and it fulfils the requirements of a modern insurance business. Our underwriters are empowered to make decisions faster as a result of the Whitespace Platform.”
James Masterton, CEO, Ardonagh Specialty and Whitespace Advisory Board member: “In the two years since its launch, the Whitespace Platform has established itself as a highly respected digital trading platform. The team’s technical expertise and intimate understanding of their clients’ needs means that they are able to offer a sophisticated solution for today, which is future proof, as they continue to develop and scale the platform.”