Whitespace Platform, a fully digital e-trading platform for brokers and insurers, marked the second anniversary of its launch.
According to Whitespace, since its launch, 189 organisations have joined the platform, which serves customers in the UK, Europe, North America and Africa across 14 overall classes of business.
The company noted an increase in the pace of adoption over the past 14 months, with June seeing 84% more business than the July 2020 renewal period. The platform also saw increases in vertical placements and in classes of business that were previously reluctant to rely on digital trading.
“Our customers were already trading digitally before the pandemic, but COVID-19 accelerated extraordinary change in the insurance market and, indeed, the whole business world,” said Marcus Broome, chief platform officer of Whitespace. ”Not only has the market continued to trade, but in many ways it has become more efficient. What started two years ago as a revolutionary and fully data-driven platform has now become very widely accepted. All adopters of Whitespace share the same vision for fully digital, document-free trading, and the early risks they took in supporting Whitespace have resulted in a platform that, today, processes the highest volumes of fully digital risks in the market.”
Whitespace said it is well-placed to address several challenges and opportunities faced by the insurance industry. The platform has achieved growth through API-enabled, user-friendly and continuously updated technology. Backed by Sequel and Verisk, Whitespace said its independent and self-funded structure provides it with manoeuvrability and versatility.
“Making the leap to truly digital trading is critical, and the Whitespace Platform is playing a vital role to encourage that shift,” said Stephen Catlin, chairman and CEO of Convex and a member of Whitespace’s advisory board. “It is available, it works and it fulfils the requirements of a modern insurance business. Our underwriters are empowered to make decisions faster as a result of the Whitespace Platform.”