Bermudian re/insurer Aspen has opted to implement the e-placing platform Whitespace.
The platform enables brokers and underwriters to digitally offer, negotiate, place, and bind insurance and reinsurance contracts.
Aspen explained that the move would further reinforce the importance of Lloyd’s as a platform and align it with the target of having 90% of its risks being being addressed through electronic vehicles.
Whitespace Software Ltd. is a London-based technology firm that has been granted ‘fully recognised’ status by Lloyd’s for its product, Whitespace Platform.
“Using the Whitespace Platform will play an important role as we continue to collaborate with our business partners to grow our overall Lloyd’s stamp,” said Aspen’s Active Underwriter of Syndicate 4711, Sarah Stanford.
“With the push toward electronic risk placing, we are excited to adopt a system that is not only transparent and trackable, but is streamlined, secure and still supports those critical, face-to-face negotiations,” she continued.
“Most importantly, being able to provide clarity from complex risks digitally makes doing business more efficiently, freeing up our time to better serve our clients with value-added solutions.”