Marsh, the insurance broker and risk advising arm of Marsh McLennan, has announced the next phase in the rollout of its digital trading initiative for risks placed in the London insurance market, following a successful pilot in 2023.
During the pilot, over $400 million of premium was traded, and Marsh is looking to build on this by expanding the use of digital trading across its UK specialty and international placement business in 2024.
The broker anticipates that more than 90% of all client premiums in that segment will flow through the platform by the end of this year.
Dominic Samengo-Turner, Chief Executive Officer, UK, Marsh Specialty, commented, “The London insurance market is the natural place to expand the rollout of our digital placement strategy, given its key importance to the global placement and broking community and the drive towards greater efficiency and innovation through digitisation envisaged in the ambitious Blueprint Two programme.”
The initiative is part of the company’s global insurance placement digitisation strategy that aims to improve the client experience and operational efficiency through data-led innovation.
Samengo-Turner added, “By prioritising ‘data first’ – the transition from relying on documents and emails to structured data – and digitally connecting our clients to the best possible solutions wherever they may be found in the world, we can unlock transformational benefits across the entire insurance eco-system and unleash a new era of innovation.
“This enhanced digitisation will give us the ability to align our operational processes to the Blueprint programme faster, enabling us to drive benefits for our clients.”
The rollout will be delivered through Verisk’s Whitespace platform enabling brokers and underwriters to offer, negotiate, place and bind re/insurance contracts with one another in a digital form, across all classes of re/insurance business and geographies.
Tim Rayner, Chief Executive Officer, Verisk Specialty Business Solutions, concluded, “Following last year’s successful pilot, we are pleased to welcome Marsh to the Whitespace platform.
“Our collaboration thus far with Marsh has led to meaningful improvements to the platform, benefiting the London insurance market. As we continue to scale the platform, we expect the arguments for a fully data-first marketplace to become increasingly compelling.”
