Brokers and insurers such as Willis, AXA, Allianz line up to join Whitespace
Lloyd's-approved digital e-trading risk platform Whitespace has forayed into the Belgian marine market in collaboration with the Royal Association of Belgian Marine Insurers (ABAM-BVT).
13 members of the Belgian marine market have signed up to use the Whitespace Platform to gain efficiencies. These include Willis Towers Watson, Verheyen/AXA, Allianz, HDI, Chubb, MS Amlin, CNA Hardy, HAVRICO, Vanbreda, Concordia, Orbis, Baloise, and AMICA.
The Whitespace 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. As the data is wholly digital, integration with other systems is simple through Whitespace’s APIs.
The partnership will enable the Belgian market to operate in a fully digital way globally, across the entire re/insurance lifecycle and without geographical limitations.
“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," said Marcus Broome, chief platform officer at Whitespace. "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. We are extremely pleased to begin trading on the platform and to continue working with the Whitespace team to offer the best, most up-to-date service to the Belgian marine insurance market.”
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