We are constantly looking at ways our customers are able to use Whitespace throughout the entire placing process. Digital trading is not just for the insurance market; Learn how Lockton Re are working with Whitespace to achieve their ambition of being “Born Digital”.

In 2019, Lockton Re was launched as a separate organisation from Lockton and one of its core messages from the start was, “born digital”. It wanted to create a global team that was united and worked seamlessly together and a key part of this was its decision to focus on electronic and digital trading.

This led to the firm being an early adopter of the Whitespace Platform. In fact, in treaty reinsurance terms, it was the first broker to use the platform.

Although there had been growth in electronic trading over the past five years, this had been largely focused on insurance, as opposed to reinsurance, particularly treaty. Lockton Re was sure that it should be possible to trade complicated treaty insurance risks digitally through a central platform that gave it flexibility, access to underwriters and global reach. As part of the resetting of its reinsurance business, it was vital to start working in a forward thinking, energetic way – not simply do the same as the competition.

Jackie Aggett, International COO, Lockton Re, comments: “I was asked to set up a global operating system for Lockton Re that was fit for the future. We had a fantastic opportunity as an expanding broker because our initial reinsurance volumes were small, so we were able to design for the future.”

Particularly with new enhancements to the Whitespace Platform’s back-end digital capabilities released recently, Lockton Re’s internal system now links with the Whitespace Platform and its Salesforce system, instructing and talking to each other seamlessly.

Jackie adds: “We don’t adopt systems because they make operational sense. We adopt them because they empower our brokers and make their lives easier. And that is the case with digital trading with Whitespace. We put in infrastructure and support via technology that add value to the brokers’ jobs – not take it away.”

Of course, electronic trading cannot simply be the domain of newer or small companies; those with little or no legacy systems to join up with new trading platforms. Large, medium and small firms will not be able to reply on what they have ‘always done’. Brokers have never been busier, and they need the best possible tools to allow them to do their jobs well. Happily, the Whitespace platform is here to help.