Verisk, a global data analytics and technology provider, has announced the US launch of its re/insurance platform Whitespace.
Whitespace is an all-in-one intuitive platform which enables brokers, underwriters and managing general agents (MGAs) to offer, negotiate and place business in the global re/insurance market.
It was created with the intention of catering diverse business categories and geographical areas, encompassing US-based brokers, wholesalers, carriers, and risks within its scope.
“This expansion builds on the success of Whitespace in the London market, where nearly 170,000 lines have been written to date in 2024 – more than triple the amount written in 2022,” Verisk stated.
Whitespace streamlines the global excess and surplus (E&S) and specialty insurance markets. This secure platform simplifies the entire re/insurance lifecycle, allowing users to efficiently create risk submissions, request quotes, and bind business, all while collaborating seamlessly with stakeholders.
Gregory Gaydos, head of Whitespace U.S. for Verisk, said: “The US excess and surplus market reached over $115 billion in direct premiums written in 2023. This not only highlights the increasing significance of this segment but it also points to the shift in how re/insurers look to conduct business amidst challenges such as market capacity and increasing risk complexity.
“The market is poised for continued growth in the US, and we look forward to helping clients navigate the ever-evolving E&S and specialty insurance ecosystem.”
Whitespace users will benefit from operational efficiency and digital distribution. This is thanks to the Verisk’s new product being an API-first (Application Programming Interfaces) trading platform supports digital distribution strategies.
This also allows users to negotiate business using customised, in-platform templates to support all lines of E&S and specialty business.
Moreover, the platform integrates user insights with policy administration and agency management systems. Further, data can flow back to Whitespace via two-way integration.
The platform can perform automated tasks such as providing pricing on quotes and agreeing on binding terms and conditions.
Other benefits include actionable insights as users can utilise Verisk’s structured data to measure KPIs, assess risk and facilitate data augmentation processes such as appetite checking and automated referrals or declinations.
Whitespace produces an audit trail and a repository of digital data for brokers and underwriters to access, while preventing rekeying.
Finally, the platform also offers intuitive user experience thanks to allowing real-time communication among stakeholders through encrypted instant messaging and video calls.
Additionally, it also addresses the challenges of quickly adapting to changing market cycles, such as quote, binder or policy comparisons, further improving data quality and completeness, enabling better decision-making, Verisk explained.
Tim Rayner, president of Specialty Business Solutions at Verisk, stated: “Since its launch in 2019, Whitespace has continued to evolve to meet the market’s varying needs and challenges through seamless digital optimization, innovation and automation.
“Whitespace facilitates the placement of business faster and more accurately, which has benefits across the value chain – for brokers, carriers and reinsurers. Additionally, it allows all parties to get a wide view of the global market to inform smarter business decisions.
He concluded: “Whitespace is one example of how Verisk is leading the charge in transitioning the industry from analogue to digital. The US will now be part of Whitespace’s global network, which includes the United Kingdom, China, Spain, France, Belgium, Dubai and Singapore.”
