Verisk expands Whitespace with US launch

Verisk has announced the US launch of Whitespace, its platform for brokers, underwriters and managing general agents (MGAs) to offer and place business in the global re/insurance market.

Whitespace connects the global excess and surplus (E&S) and specialty insurance markets.

The expansion builds on Whitespace’s rollout in the London market, where nearly 170,000 lines have been written to date in 2024 – more than triple the amount written in 2022.

The platform caters to different business classes and geographical regions, now expanded to US-based brokers, wholesalers, carriers and risks.

Verisk calls Whitespace “the only truly digital platform of its kind”.

Users virtually create and collaborate with other stakeholders on risk submissions, request contracts and quotes and bind business.

The platform also aims to address problems such as slow or fragmented processes, error-prone inefficiencies and limited structured data, shedding legacy or manual processes to allow focus on core broking and underwriting tasks.

“The US excess and surplus market reached over $115bn in direct premiums written in 2023,” said Gregory Gaydos, head of Whitespace US 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,” he said.

“The market is poised for continued growth in the US, and we look forward to helping clients navigate the ever-evolving E&S and specialty insurance ecosystem,” Gaydos added.

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,” Rayner added.