Whitespace electronic placing platform
UX is driving digital transformation
in commercial insurance, with Whitespace Software’s insurtech innovation
We created mobile-first digital experiences that are simple for users of different skills and require little or no training. UX enables adoption of software. Brokers and underwriters from different age groups (24–65) can jump on the Whitespace apps to quote and bind insurance contracts (MRCs) that are structured data. iPads simply replace stacks of paper but don’t get in the way of valuable face to face negotiations for which the Lloyd’s of London is famous for.
Lack of progress on modernisation has been deeply concerning for the largest commercial insurance market in the world. The London Market engages 52,000 interconnected risk professionals but as costs rise and profits fall there is an urgent need for digital transformation. Despite the efforts of Lloyd’s of London, adoption of electronic placing platforms (PPL) has proven slow-paced.
The innovative technology developed by Whitespace Software converts contracts into structured data on the cloud and facilitates secure negotiations across devices and locations.
UX quickly became a strategic priority for Whitespace who saw it as fundamental for user adoption and growth generation.
Understand and solve with design thinking
Since 2015 we have been supporting the business and engineering teams at Whitespace Software to design different ideas for potential commercial insurance products. Defining correctly the problem a product is trying to solve is critical to success. Observing negotiations at the Lloyd’s of London building helped us understand the processes and interview insurance professionals.
The proof of concept was then tested with users from a consortium of insurance companies including AXA XL, Ascot Underwriting, Munich Re. With usability testing, we captured any shortcomings, identified user pain points and iterated fast to improve the product’s UX. Design thinking brought solutions that address the user problems but deliver business outcomes such as efficiency, speed and data capture.
UX becomes a growth driver
The London Market Target Operating Model (LM TOM) objective is to help the commercial insurance do business digitally in a more efficient way and benefit from structured data. In our approach, this could only happen if people adopt digital tech willingly. Great user experience is enabling brokers and underwriters to be productive and efficient.
The London Market accounts for 26% of the City’s GDP and high costs 40% of revenue before any claim is paid.
The brokers and underwriters are fascinated by the ease of use of Whitespace and recommended the platform to colleagues from other companies which helped Whitespace’s organic growth. The product UX “fundamental to the demand they create” told us Marcus Broome, Director of Whitespace Software. One of the early customers, Price Forbes cited:
Lloyd’s of London recognised Whitespace is an electronic risk placing platform for the purposes of the electronic placing mandate.
Whitespace Placing Platform is shortlisted in Oxbow Partners reports of the most promising InsurTech solutions:
“With the focus on e-trading in the Lloyd’s and London Market, Whitespace could be in the right place at the right time.”