Digital e-trading platform, Whitespace has announced that it has extended its defined data capabilities with its new update, Release 2.4.1.
This further development extends the platforms defined data tagging abilities, offering contracts that are fully core data record (CDR) compliant, which will enable huge standardisation of data and reduced repetition and uncertainty for many in the market.
This development follows the release of Version 2.0 from October 2021.
Every risk on Whitespace’s platform is built with data at the heart and a fully digital contract can be tagged in its entirety. This allows for the data to be moved and read predictably and reused quickly with no need for rekeying.
In addition, these data tags can also be added for all contract types, and not just those in the platform in MRC format
Marcus Broome, chief platform officer, commented: “In a world where digital data is talked about daily, Whitespace can make the market ambitions a reality with no platform re-architecture needed to comply with industry standards.
“The new capabilities in release 2.4.1 continue to use ACORD standards, ensuring compliance – and therefore more efficient processing – not only for the London market, but also globally. Combined with our APIs this makes a compelling case for integration that is critical to achieve a much desired digital ecosystem for the insurance market.”
