Whitespace, a London-based digital e-trading channel for brokers and insurers that was recently acquired by Verisk company Sequel, has announced that 13 broker and underwriter members of the Belgian marine market have signed up to use its platform.
The Data Exchange Commission of the Royal Association of Belgian Marine Insurers (ABAM-BVT) has worked with its members to ensure that nearly all of them and some of the leading Belgian marine brokers adopt the Whitespace platform.
Migration to the platform took place throughout June to ensure the market was ready to start trading in a phased rollout from 1 July, said Whitespace.
“The past 18 months have demonstrated unambiguously the vital need for digital trading capability across the globe, and this move means the Belgian market will see improvements in speed, accuracy and quantity of risk placement and data, providing significant benefits to brokers, underwriters and customers alike,” added the growing software firm.
Whitespace said the partnership is a step forward in enabling the Belgian market to operate in a truly global “one-stop shop” across the entire (re)insurance lifecycle and without geographical limitations.
The firm said its platform enables all parties to quickly and efficiently offer, negotiate, place and bind contracts in a clear way with a robust audit trail, allowing for transparency across the board. The data is wholly digital, so integration with other systems is simple through Whitespace’s APIs, it added.
Marcus Broome, chief platform officer at Whitespace, said: “Digital placement has seen significant growth over the past year, and at Whitespace we are seeing firms ramping up their abilities globally. This move by the Belgian marine market is a clear acceleration of this trend. We’re excited to support the Belgian marine market through this important collaboration with ABAM-BVT.”
Laurent Verheyen, CEO of Verheyen, the AXA-authorised underwriter responsible for marine insurance in Belgium, and president of the ABAM-BVT, added: “Adopting the Whitespace platform collectively enables us to offer our market a transparent and efficient tool that allows our teams to increase digital trading capacity in a straightforward and streamlined way. This is a huge opportunity for the Belgian market to strengthen its international footprint, thanks to our presence on this platform.”
Before the deal was announced, Whitespace, originally formed in 1985 to help start the technological transformation of the Lloyd’s market, had 160 members.
New broker members in Belgium are HAVRICO, Vanbreda, Concordia, Orbis and Willis Towers Watson. New underwriter members are Verheyen/AXA, Baloise, Allianz, HDI, Chubb, AMICA, MS Amlin and CNA Hardy.