Whitespace, the fully digital e-trading platform, today announces a further development of its defined data capabilities.
The Whitespace Platform has been updated with Release 2.4.1. This further extends its defined data tagging abilities, offering contracts that are fully core data record (CDR) compliant, which will enable huge standardisation of data and reduce repetition and uncertainty for many in the market.
This development follows the release of Version 2.0 (in October 2021). Every risk on the Whitespace platform is built with data at the heart and a fully digital contract can be tagged in its entirety, even down to the contents of a table within a contract. This means data can be moved and read predictably and reused quickly with no need for rekeying. These data tags can be added for all contract types, not just those in the platform in MRC format.
Marcus Broome, chief platform officer, commented: “In a world where digital data is talked about daily, Whitespace can make the market ambitions a reality with no platform re-architecture needed to comply with industry standards. The new capabilities in release 2.4.1 continue to use ACORD standards, ensuring compliance – and therefore more efficient processing – not only for the London market, but also globally. Combined with our APIs this makes a compelling case for integration that is critical to achieve a much desired digital ecosystem for the insurance market.”