JERSEY CITY, N.J., Oct. 4, 2024 (GLOBE NEWSWIRE) — Verisk (Nasdaq: VRSK), the world’s leading data analytics and technology provider, today announced the launch of its all-in-one, intuitive platform, Whitespace, in the U.S. announced the launch of. Brokers, underwriters, and managing general agents (MGAs) offer, negotiate, and conduct business in the global (re)insurance market. The only true digital platform of its kind, Whitespace caters to a variety of business classes and geographic regions, and currently includes U.S.-based brokers, wholesalers, carriers, risk agents, and more. Masu. This expansion builds on Whitespace’s success in the London market, where approximately 170,000 rows have been written to date in 2024, more than triple the amount written in 2022.
How the White Space Platform Works
Whitespace connects the global Excess Surplus (E&S) and specialty insurance markets, supporting clients in one integrated and secure platform throughout the (re)insurance lifecycle. Whitespace allows users to virtually create risks and collaborate with other parties to submit risks, request contracts and quotes, and close business. The platform also addresses key business issues such as slow fragmented processes, error-prone inefficiencies, and structured data limitations, allowing clients to eliminate traditional manual processes and add more Free up your focus on high-value brokerage and underwriting activities.
“The U.S. excess and surplus market reached more than $115 billion in direct premium income in 2023,” said Gregory Gaydos, head of U.S. white space at Verisk. “This not only highlights the growing importance of this segment, but also changes in the way (re)insurers do business amid challenges such as increased market capacity and risk complexity. The market is poised for continued growth in the United States, and we look forward to helping our customers navigate the evolving E&S and specialty insurance ecosystem. ”
Whitespace users have the following benefits:
Operational Efficiency and Digital Delivery: As an API-first (Application Programming Interface) trading platform, Whitespace supports digital delivery strategies, allowing users to negotiate business using customized in-platform templates and manage all aspects of E&S and specialty business. to support the field of The platform integrates user insights with policy management and agency management systems. Additionally, data can be returned to whitespace via two-way integration to update or trigger additional actions within the platform, such as auto-pricing quotes or agreeing to binding terms and conditions. Actionable Insights: Whitespace leverages Verisk’s predictive analytics expertise. Across underwriting, claims, global catastrophe risk, and more. Platform users can leverage structured data to measure KPIs, assess risk, and facilitate data enhancement processes such as appetite checks and automated referrals and declines. Whitespace generates an audit trail and repository of digital data that brokers and insurers can access while preventing re-keying. Intuitive user experience: Whitespace facilitates real-time communication between stakeholders through encrypted instant messaging and video calls. The platform also addresses the challenge of quickly adapting to changing market cycles, including comparing quotes, binders, and insurance policies. This further improves the quality and completeness of your data, enabling better decision-making.
Tim Rayner, President of Specialty Business Solutions at Verisk, said: “Since our launch in 2019, Whitespace has continued to evolve to meet the diverse needs and challenges of the market through seamless digital optimization, innovation, and automation. This will benefit the entire value chain, including brokers, carriers, and reinsurers. Additionally, all parties will have a broader view of the global market to make smarter business decisions. White Space is an example of how Verisk is leading the way in the industry’s transition from analog to digital. Become part of a global network of white spaces that include.
For more information about Whitespace and its availability, please visit Verisk’s Whitespace US webpage.
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About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner for the global insurance industry. This enables clients to enhance operational efficiency, improve underwriting and claims outcomes, combat fraud, and better understand global risks, including climate change, extreme events, sustainability, and political issues. You will be able to make informed decisions. Verisk helps individuals, communities, and businesses build global resilience through advanced data analytics, software, scientific research, and deep industry knowledge. With teams in more than 20 countries, Verisk continually earns Great Place to Work certification and fosters an inclusive culture where all team members feel a sense of belonging. For more information, visit Verisk.com and the Verisk Newsroom.
