Verisk Introduces Underwriting Platform in London Insurance Marketplace
In a significant move, Verisk, a global leader in data analytics and technology, has launched two next-generation underwriting platforms - Whitespace in the US market and a platform for the London Market.
Whitespace, an all-in-one intuitive platform for brokers, underwriters, and managing general agents, is the first to be implemented by IQUW, a specialty insurer and reinsurer. This platform is designed to streamline underwriting operations, improve operational efficiency, and help insurers meet rising client expectations.
The London Market platform, characterised by AI-powered risk modeling, advanced analytics, and real-time data integration, is set to revolutionise the industry. It empowers underwriters with advanced pre-bind workflows and data-driven tools for better risk selection. The platform is scalable for ongoing enhancements to meet evolving market needs.
Key features and benefits of these platforms include automation and agility, enhanced risk management, real-time updates and pricing accuracy, improved decision-making and fraud detection, support for global and specialty risks, and competitive advantages.
The Whitespace platform also includes Digital Follow, a workflow automation solution currently being trialled by a select set of brokers and underwriters. This solution is designed to modernise underwriting operations for insurers and reinsurers facing complexity and cost pressures.
In a statement, Chris Spencer, Director of Underwriting Solutions at Verisk Specialty Business Solutions, commented on the potential of these platforms to help insurers improve operational efficiency, maintain a competitive edge, and stay ahead in a rapidly evolving market.
Verisk has also added Arch Insurance International to its 'Sequel6' collaboration with market-leading Lloyd's insurers. The Sequel6 group, which includes Beazley, BRIT, Chaucer, Hiscox, Liberty, Markel, and Verisk, is focused on developing data and API standards for the London Market.
The Sequel6 group's first line of collaboration is under development. The Sequel6 group's platforms are engineered to support rapid innovation cycles and deliver immediate business value, leveraging Verisk's global data assets, advanced analytics, and deep industry expertise.
Sources: [1] Verisk (2021) [online] Available at: https://www.verisk.com/newsroom/press-releases/verisk-launches-next-generation-underwriting-platform-for-london-market [Accessed 28 April 2021] [2] Verisk (2021) [online] Available at: https://www.verisk.com/newsroom/press-releases/verisk-launches-whitespace-in-the-us-market [Accessed 28 April 2021]
These platforms, launched by Verisk, exemplify the fusion of underwriting, innovation, and technology in the insurance industry. The Whitespace platform, with its trial of Digital Follow, is a testament to technology-driven events that modernize underwriting operations. Meanwhile, the London Market platform, renowned for its AI capabilities and real-time data integration, represents an innovative leap forward, revolutionizing underwriting practices in the industry.
