Belgian marine market launches on the Whitespace Platform

Belgian marine market launches on the Whitespace Platform 150 150 Haggie Partners

Whitespace, the fully digital e-trading platform for brokers and insurers, is pleased to announce that 13 members of the Belgian marine market have signed up to use the Whitespace Platform, effective immediately.

Thanks to an initiative of the Data Exchange Commission of the Royal Association of Belgian Marine Insurers (ABAM-BVT), nearly all of their members and some of the most important marine Belgian broker partners have made the decision to collectively adopt the Whitespace Platform to gain the efficiencies it provides. Migration to the platform has been taking place throughout June, ensuring the market is ready to start trading in a phased rollout from 1/7 on the platform.

The past 18 months have demonstrated unambiguously the vital need for digital trading capability across the globe and this move means the Belgian market will see improvements in speed, accuracy and quantity of risk placement and data, providing significant benefits to brokers, underwriters and customers alike. The partnership is a step forward in enabling the Belgian market to operate in a truly “one stop shop” digital way globally, across the entire (re)insurance lifecycle and without geographical limitations, despite already having an international presence thanks to its position on the European map and the Antwerp haven.

The Whitespace Platform enables all parties to quickly and efficiently offer, negotiate, place and bind contracts in a clear way with a robust audit trail, allowing for transparency across the board. As the data is wholly digital, integration with other systems is simple through Whitespace’s APIs.

Marcus Broome, chief platform officer at Whitespace, said: “Digital placement has seen significant growth over the past year and at Whitespace we are seeing firms ramping up their abilities globally. This move by the Belgian marine market is a clear acceleration of this trend. We’re excited to support the Belgian marine market through this important collaboration with ABAM BVT.”

Laurent Verheyen, CEO of Verheyen, the AXA authorized underwriter responsible for marine insurance in Belgium, and president of the ABAM BVT, added: “Adopting the Whitespace Platform collectively enables us to offer our market a transparent and efficient tool that allows our teams to increase digital trading capacity in a straightforward and streamlined way. This is a huge opportunity for the Belgian market to strengthen its international footprint thanks to our presence on this platform. We are extremely pleased to begin trading on the platform and to continue working with the Whitespace team to offer the best, most up-to-date service to the Belgian marine insurance market.”

New broker members: HAVRICO; Vanbreda; Concordia; Orbis; Willis Towers Watson

New underwriter members: Verheyen/AXA; Baloise; Allianz; HDI; Chubb; AMICA; MS Amlin: CNA Hardy