Global (re)insurer MS Amlin has begun trading risk on Whitespace Software Limited, a cloud-based solution that aims to digitise and enable the placing process of insurance contracts at Lloyd’s.
It works by capturing the contract as data at the beginning, which then allows brokers and carriers to create, negotiate, edit, and place a risk digitally, which the firm said will enable MS Amlin to improve efficiency, accuracy and customer service.
The digital slips look exactly like they do in paper form but are no longer documents, and the interaction between brokers and underwriters reflects the current face to face process.
Alberto Verga, chief operating officer at MS Amlin AUL, said: “The introduction of Whitespace to Lloyd’s is an important step forward for the market and will improve the way we transact with our clients. Lloyd’s is on a journey, and the use of technology is vital in taking it to its destination. We fully support the digital transformation at Lloyd’s and are confident that the market will benefit from the improved efficiencies Whitespace will inevitably bring.”