JERSEY CITY, N.J., Oct. 04, 2024 (GLOBE NEWSWIRE) — Verisk VRSK, a leading global data analytics and technology provider, today unveiled the U.S. debut of Whitespace, an innovative platform for brokers, underwriters, and managing general agents (MGAs) to revolutionize business operations in the global (re)insurance sector. Whitespace, a digital pioneer in its realm, now extends its reach to U.S.-based brokers, wholesalers, carriers, and risks, building upon its triumphant establishment in the London market. In 2024 alone, the London market saw a staggering surge in activity, with approximately 170,000 lines written, a notable threefold increase from the 2022 figures.

Understanding Whitespace’s Impact

Whitespace serves as a hub for the global excess and surplus (E&S) and specialty insurance domains, facilitating seamless interactions throughout the (re)insurance lifecycle within a secure, integrated platform. Users can initiate risk submissions, collaborate with stakeholders virtually, request quotes and contracts, and finalize business transactions. The platform tackles prevalent industry challenges such as sluggish, disjointed processes, error-prone workflows, and insufficient structured data. By streamlining operations, Whitespace liberates clients from antiquated manual procedures, enabling them to concentrate on high-value broking and underwriting activities.

“The U.S. excess and surplus market recorded over $115 billion in direct premiums written during 2023,” emphasized Gregory Gaydos, head of Whitespace U.S. at Verisk. “This milestone not only underscores the sector’s growing importance but also indicates a shifting landscape in the conduct of (re)insurance operations, catalyzed by factors like market capacity constraints and elevated risk intricacies. With the U.S. market poised for sustained expansion, we are committed to guiding clients through the dynamic E&S and specialty insurance terrain.”

Key Advantages for Whitespace Users

• Operational Efficiency & Digital Distribution: Whitespace functions as an API-centric trading venue, empowering digital distribution strategies and facilitating customized negotiations using in-platform templates for all E&S and specialty lines of business. The platform seamlessly merges user data with policy administration and agency management systems. Moreover, bidirectional data flow ensures that information can be updated or trigger additional actions within the platform, such as automated pricing responses or agreement on binding terms.
• Actionable Insights: Leveraging Verisk’s predictive analytics prowess spanning underwriting, claims, global catastrophe risk, and more, Whitespace empowers users with structured data to gauge key performance indicators, evaluate risks, and expedite processes like appetite validation and automated decision-making. Whitespace maintains a digital audit trail and data repository, reducing redundancies for brokers and underwriters.
• Intuitive User Experience: Whitespace fosters real-time communication among stakeholders through secure instant messaging and video conferencing capabilities. The platform adeptly addresses the imperatives of adapting swiftly to market fluctuations, facilitating rapid comparisons of quotes, binders, or policies. This enhancement in data quality and completeness enables more informed decision-making.

“Since its inception in 2019, Whitespace has continually evolved to meet the diverse needs and challenges of the market by optimizing digital processes, fostering innovation, and embracing automation. Whitespace expedites business placement while enhancing accuracy, benefiting brokers, carriers, and reinsurers across the value chain. Furthermore, it provides a panoramic perspective of the global market, enabling more informed business choices. Whitespace exemplifies Verisk’s leadership in steering the industry from analog to digital realms. The U.S. integration into Whitespace’s global network, spanning the United Kingdom, China, Spain, France, Belgium, Dubai, and Singapore, signifies our commitment to driving industry-wide transformation,” affirmed Tim Rayner, president of Specialty Business Solutions at Verisk.

For more details regarding Whitespace and its availability, please refer to Verisk’s Whitespace U.S. webpage.