According to Gracechurch Consulting’s recent London Insurance Technology Monitor report, most brokers & underwriters prefer to use an e-trading platform than not, with eight in ten believing that e-trading will be the norm for everyone in the London Market by mid-2023.
The report suggests that in the first half of 2021, three-quarters of brokers/underwriters said they use an e-trading platform. Out of those using e-trading systems, PPL and Whitespace dominate the market.
It notes that prompted awareness of Lloyd’s PPL is almost universal, with Whitespace close behind. Though, in terms of ease of use, which the report observes as the number 1 trading system requirement, Whitespace is the highest rated.
The fully digital e-trading platform, Whitespace, boasts the figure of 27% top-of-mind brand awareness that exceeds many larger organisations, says the report, and shows the significant goodwill it has accumulated through offering a modern, user-friendly product and delivering on its promises.
Chief Platform Officer of Whitespace, Marcus Broome, commented, “Effective electronic trading systems are critical for any financial service and insurance is no different.
“Being able to do your job efficiently and enjoyably, using technology readily available in your daily life outside work, should be a given, and has always been the Whitespace approach.
“This report is hugely encouraging in that it shows the London market wants to adopt this way of working. But there is work to do before underwriters and brokers are able to enjoy all the benefits of e-trading.”
However, the report adds that the market remains fragmented, with many London market firms using different technology providers or e-trading platforms, raising questions about how realistic those 80% of market participants’ expectations are.
