Verisk Announces U.S. Expansion of Industry-Leading (Re)Insurance Platform Whitespace
2024年10月4日 - 9:15PM
Verisk (Nasdaq: VRSK), a leading global data analytics and
technology provider, today announced the U.S. launch of Whitespace,
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. The only
truly digital platform of its kind, Whitespace caters to different
business classes and geographical regions, now including U.S.-
based brokers, wholesalers, carriers and risks. 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.
How the Whitespace platform works
Whitespace connects the global excess and surplus (E&S) and
specialty insurance markets, supporting clients through the entire
(re)insurance lifecycle in one cohesive and secure platform.
Whitespace allows users to virtually create and collaborate with
other stakeholders on risk submissions, request contracts &
quotes and bind business. The platform also addresses key business
issues such as slow fragmented processes, error-prone
inefficiencies and limited structured data, therefore enabling
clients to shed legacy and manual processes and focus on more
value-added broking and underwriting tasks.
“The U.S. excess and surplus market reached over $115 billion in
direct premiums written in 2023,” said Gregory Gaydos, head of
Whitespace U.S. for Verisk. “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 U.S., and we look
forward to helping clients navigate the ever-evolving E&S and
specialty insurance ecosystem.”
Whitespace user benefits include:
- Operational Efficiency &
Digital Distribution: As an API-first (Application
Programming Interfaces) trading platform, Whitespace supports
digital distribution strategies and allows users to negotiate
business using customized, in-platform templates to support all
lines of E&S and specialty business. The platform also
integrates user insights with their policy administration and
agency management systems. Further, data can flow back to
Whitespace via two-way integration to update or trigger additional
actions in the platform, such as providing automated pricing on
quotes or agreeing on binding terms and conditions.
- Actionable Insights: Whitespace harnesses
Verisk's predictive analytics expertise, which span across
underwriting, claims, global catastrophe risk and more. Platform
users can utilize 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.
- Intuitive User Experience: Whitespace
facilitates real-time communication among stakeholders through
encrypted instant messaging and video calls. The platform also
addresses the challenges of quickly adapting to changing market
cycles, such as quote, binder or policy comparisons. This further
improves data quality and completeness, enabling better
decision-making.
Tim Rayner, president of Specialty Business Solutions at Verisk,
said: “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.
Whitespace is one example of how Verisk is leading the charge in
transitioning the industry from analogue to digital. The U.S. will
now be part of Whitespace’s global network, which includes the
United Kingdom, China, Spain, France, Belgium, Dubai and
Singapore.”
For more information about Whitespace and its availability,
please visit Verisk’s Whitespace U.S. webpage.
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About Verisk Verisk (Nasdaq: VRSK) is a
leading strategic data analytics and technology partner to the
global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes,
combat fraud and make informed decisions about global risks,
including climate change, extreme events, sustainability and
political issues. Through advanced data analytics, software,
scientific research and deep industry knowledge, Verisk helps build
global resilience for individuals, communities and businesses. With
teams across more than 20 countries, Verisk consistently earns
certification by Great Place to Work and fosters
an inclusive culture where all team members feel they
belong. For more, visit Verisk.com and the Verisk
Newsroom.
Morgan Hurley
Verisk
551-655-7858
morgan.hurley@verisk.com
Verisk Analytics (NASDAQ:VRSK)
過去 株価チャート
から 10 2024 まで 11 2024
Verisk Analytics (NASDAQ:VRSK)
過去 株価チャート
から 11 2023 まで 11 2024