Stephen Catlin, Whitespace’s advisory board member, says the platform is playing ’a vital role’ in the shift to digital
Technology company Whitespace has seen a notable increase in the adoption and usage of its digital etrading platform for brokers and insurers over the last 14 months, with an increase of 84% in June 2021.
This is compared to business placed in the July 2020 renewal period.
Its fully digital etrading platform is celebrating its second anniversary since 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 classes of business.
Stephen Catlin, Convex’s chairman and chief executive, as well as Whitespace’s advisory board member, said: “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.”
The global insurance market faces a number of challenges and opportunities, which Whitespace Platform believes it is well placed to address.
Moreover, the platform’s fully digital and flexible nature has led to an increase in trading in some areas, such as vertical placements and classes of business previously reluctant to rely on digital trading.
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.”
Whitespace attributed its rapid global growth to offering technology that is entirely application processing interface (API) enabled, user friendly and continuously updated.
The company further thinks that its independent and self-funded structure, backed by Sequel and Verisk, allows it speed of manoeuvrability and versatility over other solutions in the market.
James Masterton, Ardonagh Specialty’s chief executive and Whitespace advisory board member, added: “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 they are able to offer a sophisticated solution for today, which is futureproof, as they continue to develop and scale the platform.”