Whitespace launches with over 50 insurance firms on board
Apollo Syndicate 1969 writing their first line on the platform! Picture source Iain Henstridge Linkedin
Digital transformation momentum
From the early days of working with Whitespace Software, it was easy to see that the commercial insurance could hugely benefit from new technology. It was 2015, InsurTech was emerging to digitally transform insurance and London became the epicentre of it. The square mile is home to the largest insurance and broker firms, Lloyd’s of London and commercial insurance market, the London Market.
One significant obstacle in that journey of this innovation, was that the customers of technology aimed at commercial insurance, are fairly large organisations and procurement processes might be timely, costly and hard to succeed. Thankfully, the Whitespace Software has the right people for the challenge. Marcus Broome, Jonathan Clarke and Jody Wilkinson not only did carefully listen to the market’s special needs but also to communicated the benefits of innovative mobile tech to hundreds of execs.
The first risk has been placed on Whitespace by Price Forbes & Partners. This was a Marine Hull risk which went through the platform with AXA XL, a division of AXA, MS Amlin, Talbot Underwriting Ltd and Neon Underwriting all writing the risk electronically. Picture source Whitespace Linkedin
I secretly hoped that organisation’s buyers could be influenced by positive user feedback we were generating. If software could make user’s work a lot more efficient, they could become evangelists of change. And they can drive the digital transformation that the market is after. We placed strategic importance to the user experience research, usability and rapid prototyping. UX quickly became a unique selling point (USP).
The mobile-first Whitespace app showed a lot of potential as soon as brokers and underwriters got their hands on early prototypes. And together with them we went to design it for ease of use.
The digitally native platform launched in August 2019 and the first Marine Hull risk was placed by Price Forbes & Partners and written by AXA XL, a division of AXA, MS Amlin, Talbot Underwriting Ltd and Neon Underwriting.
Launching with global firms on board
We are all so pleased for the positive feedback the app is getting and all the big names that are early adopters. I strongly believe that Whitespace will take the market by storm, and quickly become the preferred method of placing and underwriting commercial insurance and reinsurance risks.
Electronic quote and bind specialty risks is here to stay. Some of the broker and carrier firms that are using Whitespace to benefit from the most efficient electronic placing platform are:
As of September 2019. And the list is growing weekly. Stay tuned for more news about the exiting Whitespace placing platform.
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