Starting with its North American Property team, global re/insurance broker Howden has adopted the use of the Whitespace Platform to drive its data-first approach.
Howden states it has embraced this digital integration so that risks created in its policy administration system can be created instantaneously on the Whitespace Platform, without the need for human intervention.
The firm suggests that its team is seeing notable gains in speed, efficiency and accuracy in entering data once only, freeing them up to focus on more value-adding business activity.
Sarah Walton, COO of Howden Global Specialty, commented, “Adaptability is really key to the evolving London market.
“As we ready ourselves for the advent of the MRC v3 and the CDR, the excellent collaboration and technical integration work between Howden and Whitespace has opened up lots of opportunities, whilst reducing the need to re-key data and laying the groundwork for our replacement broking system.”
Howden notes that since completing the integration work and going live, there has been significant success in the binding of risks, with an impressive quote-to-written risk ratio on the platform of just under 85%.
This risk creation process uses templates that have been pre-configured by Howden technicians on the Whitespace Platform, all of which have been tagged using the defined data functionality.
These contracts are fully data first, whilst still enabling the production of a contract document for the client after the risk has been negotiated.
Marcus Broome, Whitespace’s chief platform officer, added, “It is encouraging and inspiring to see this increase in genuinely data-driven transactions on the Whitespace Platform.
“Howden has achieved one of the best launches that we have had on the Platform with transaction volume, excellent quote-to-bind ratios and great feedback from their team.
“Howden has shown that there is a simple and user-friendly way to increase speed and efficiency in insurance transactions while avoiding interminable rekeying and the resultant errors. We’re delighted to be pushing the dial on digital trading for global (re)insurance.”
