Howden is one of a growing number of companies using Whitespace to capitalise on the effective and efficient integration opportunities the platform provides for both the London and global (re)insurance markets.
Starting with its North American Property team, Howden has embraced digital integration, so that risks created in Howden’s policy administration system can be created instantaneously on the Whitespace Platform without the need for human intervention. The team is seeing notable gains in speed, efficiency and accuracy in entering data once only, freeing them up to focus on more value adding business activity.
Since completing the integration work and going live, there has been significant success in the binding of risks, with an impressive quote-to-written risk ratio on the platform of just under 85%, showing great support from insurers too.
This risk creation process uses templates that have been pre-configured by Howden technicians on the Whitespace Platform, all of which have been tagged using the defined data functionality. These contracts are fully data first, whilst still enabling the production of a contract document for the client after the risk has been negotiated.
Sarah Walton, COO for Howden Global Specialty commented: “Adaptability is really key to the evolving London market and as we ready ourselves for the advent of the MRC v3 and the CDR, the excellent collaboration and technical integration work between Howden and Whitespace has opened up lots of opportunities, whilst reducing the need to re-key data and laying the groundwork for our replacement broking system.”
Marcus Broome, Whitespace chief platform officer, commented: “It is encouraging and inspiring to see this increase in genuinely data driven transactions on the Whitespace Platform. Howden has achieved one of the best launches that we have had on the Platform with transaction volume, excellent quote to bind ratios and great feedback from their team.
“Howden has shown that there is a simple and user-friendly way to increase speed and efficiency in insurance transactions while avoiding interminable rekeying and the resultant errors. We’re delighted to be pushing the dial on digital trading for global (re)insurance.”