A broker recently asked me which parts of a contract are most frequently changed during the quoting process. We worked it out and went back to him with a question. “The most common change is premium; can you guess which is the second most common?”

Whitespace customers can get this information because everything on the platform is trackable. A broker doesn’t need to search through hundreds of emails and administrative files. It’s all there on screen.

Roughly 25% of all risks bound on Whitespace start at the quote stage, and this number is growing. Digital quoting is getting busier all the time. The earlier our customers use the platform, the richer the data gets. Our competitors don’t offer that.

Importantly, the conversation about data is changing. Usability has and will always be key, but the focus is shifting to what the data can do. As people look further into its full capabilities, data is starting to do a lot more work, bringing serious benefits to our customers.

For example, in the Whitespace 2.0 release, customers can define their own data in a contract and ‘tag’ it, then read it and use it somewhere else. No re-keying is needed.

Doing your job more efficiently doesn’t mean throwing the baby out with the bathwater. The Whitespace Platform keeps the best Lloyd’s tradition – the conversations in the Underwriting Room – because people can talk together using the video or chat functions. The longest conversation yet was seventy-seven messages long over two weeks. Think of how many changes were agreed.

Are you still wondering about the second most common change in quotations? If you’re thinking it’s the deductible, you’re right. But only Whitespace could prove that. Can Your Placing Platform Do That?

#CanYourPlacingPlatformDoThat?

Author: Jonathan Clarke, Chief Technology Officer at Whitespace