Broking giant Marsh has moved forward in its digital trading initiative for London market risks with the help of Verisk’s Whitespace platform.
“Following last year’s successful pilot, we are pleased to welcome Marsh to the Whitespace platform,” Verisk specialty business solutions chief executive Tim Rayner said in a release. “Our collaboration thus far with Marsh has led to meaningful improvements to the platform, benefitting the London insurance market.
“As we continue to scale the platform, we expect the arguments for a fully data-first marketplace to become increasingly compelling.”
According to Marsh, it expects more than 90% of all client premium across its UK specialty and international placement business to flow through the platform by the end of this year.
“The London insurance market is the natural place to expand the rollout of our digital placement strategy, given its key importance to the global placement and broking community and the drive towards greater efficiency and innovation through digitisation envisaged in the ambitious Blueprint Two programme,” Marsh Specialty UK CEO Dominic Samengo-Turner noted.
“By prioritising ‘data first’ – the transition from relying on documents and emails to structured data – and digitally connecting our clients to the best possible solutions wherever they may be found in the world, we can unlock transformational benefits across the entire insurance eco-system and unleash a new era of innovation.
“This enhanced digitisation will give us the ability to align our operational processes to the Blueprint programme faster, enabling us to drive benefits for our clients.”
Last year’s pilot traded more than US$400 million of premium.
What do you think about this story? Share your thoughts in the comments below.
