Whitespace passes 100 customer mark in less than a year

Whitespace passes 100 customer mark in less than a year 150 150 Haggie Partners

Whitespace, the fully digital e-trading platform for brokers and insurers, has moved past the 100 customer mark, just ten months after the platform’s launch.

Lockton Re and Carbon Underwriting joined the platform within minutes of each other, adding to the broad array of global insurers, reinsurers and brokers that have been trading on the Whitespace platform since its launch last August.

“The data capabilities of Whitespace enable astounding efficiencies in the transaction of insurance and reinsurance business,” said Chief Platform Officer, Marcus Broome.

“Before launching the platform, we invested in more than three years of work to develop the intuitive design and digital capabilities, including data driven insurance contract wordings. The digital data capabilities that resulted are what really set us apart and what have been attracting new clients, including Lockton Re and Carbon Underwriting.

“These firms choosing to sign up to the platform continues the trend we’ve seen since it went live last year, and which has accelerated since the world went into lockdown. We play an important role in keeping the wheels of the insurance market turning and we are all very proud of that.”

Jacqui Ferrier, Chief Underwriting Officer of Carbon Underwriting, said: “We are delighted to be joining the Whitespace platform. Our business model centres around the use of data from the outset of the trading process so Whitespace was an easy choice to make when we were looking at electronic trading platforms.”

Jackie Aggett, Chief Operating Officer of Lockton Re International, said: “As we continue to build out our Global platform at Lockton Re, working with Whitespace was a great fit for our ‘Born Digital’ data strategy. We strive to provide our clients and underwriters with deeper insights by leveraging data more effectively, Whitespace supports our ability to efficiently deliver a higher level of service and value. The collaboration and can do attitude has made this process very easy and rewarding”.

Alongside the rapid adoption of the Lloyd’s approved platform, Whitespace has seen a steady increase in brokers and underwriters using the platform to handle transactions end-to-end. In June – a busy month in the run up to July 1 renewals – 51% of risks on the platform had passed through the full submit/quote/bind process, up from 31% three months earlier.