Verisk Announces U.S. Expansion of Industry-Leading (Re)Insurance Platform Whitespace

Rhea-AI Summary

Verisk (Nasdaq: VRSK) has announced the U.S. launch of Whitespace, an all-in-one digital platform for the global (re)insurance market. This expansion follows Whitespace's success in the London market, where nearly 170,000 lines have been written in 2024, more than triple the amount in 2022.

Whitespace connects brokers, underwriters, and MGAs in the excess and surplus (E&S) and specialty insurance markets, supporting the entire (re)insurance lifecycle. The platform addresses key business issues like slow processes and inefficiencies, enabling clients to focus on value-added tasks.

Benefits of Whitespace include:

• Operational efficiency and digital distribution
• Actionable insights through Verisk's predictive analytics
• Intuitive user experience with real-time communication

The U.S. E&S market reached over $115 billion in direct premiums written in 2023, highlighting the segment's growing significance and the need for digital solutions in the evolving insurance ecosystem.

Positive

• Expansion of Whitespace platform to the U.S. market, potentially increasing Verisk's market share
• Strong growth in London market usage, with 170,000 lines written in 2024, tripling 2022 figures
• Addresses key business issues in the insurance industry, potentially improving operational efficiency
• Targets the growing U.S. E&S market, which reached over $115 billion in direct premiums written in 2023
• Integration of Verisk's predictive analytics expertise into the platform, enhancing its value proposition

Negative

• None.

Insights

Tech Expert

Verisk's expansion of Whitespace into the U.S. market is a significant move in the digitalization of the (re)insurance industry. The platform's API-first approach and integration capabilities address critical pain points in the E&S and specialty insurance sectors, such as fragmented processes and data inefficiencies.

Key technological advantages include:

• Real-time collaboration features
• Integration with existing systems
• Structured data utilization for analytics
• Automated workflows for pricing and binding

The platform's success in the London market, with a 300% increase in written lines since 2022, suggests strong potential for adoption in the U.S. This expansion could accelerate the digital transformation of the $115 billion U.S. E&S market, potentially disrupting traditional insurance processes and improving operational efficiency across the industry.

Market Research Analyst

The U.S. launch of Whitespace is strategically timed, given the E&S market's growth to over $115 billion in direct premiums written in 2023. This expansion positions Verisk to capitalize on several market trends:

• Increasing complexity of risks
• Growing demand for digital solutions in insurance
• Need for improved operational efficiency
• Rising importance of data-driven decision making

Whitespace's global network, now including the U.S., creates a competitive advantage by offering a comprehensive view of international markets. This could be particularly valuable for large, multinational insurers and brokers. The platform's ability to address changing market cycles quickly may also prove important in the dynamic E&S sector, potentially leading to increased market share for Verisk in the insurance technology space.

Verisk’s Whitespace connects global E&S and specialty insurance markets, driving efficiency, growth and real-time collaboration

JERSEY CITY, N.J., Oct. 04, 2024 (GLOBE NEWSWIRE) -- 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. 

FAQ

What is Verisk's Whitespace platform and how does it benefit the insurance industry?

Whitespace is an all-in-one digital platform that connects brokers, underwriters, and MGAs in the global (re)insurance market. It benefits the industry by streamlining processes, enabling real-time collaboration, and providing actionable insights through Verisk's predictive analytics, ultimately improving operational efficiency and decision-making.

How has Whitespace performed in the London market before its U.S. expansion?

In the London market, Whitespace has shown significant growth, with nearly 170,000 lines written in 2024, which is more than triple the amount written in 2022. This success has led to its expansion into the U.S. market.

What is the size of the U.S. excess and surplus (E&S) market that Verisk's Whitespace is targeting?

According to the press release, the U.S. excess and surplus (E&S) market reached over $115 billion in direct premiums written in 2023, highlighting the significant opportunity for Verisk's Whitespace platform in this growing segment.

How does Verisk's Whitespace platform integrate with existing insurance systems?

Whitespace is an API-first trading platform that integrates with users' policy administration and agency management systems. It allows for two-way data flow, enabling automated pricing on quotes and agreement on binding terms and conditions, while also providing an audit trail and digital data repository.