Marsh, a global leader in insurance broking and risk management, has announced the next phase of its digital trading initiative aimed at enhancing efficiency in the London insurance market.
The initiative is a key component of Marsh’s broader global insurance placement digitisation strategy, focused on leveraging data-led innovation to enhance both client experience and operational efficiency, according to the Captive Insurance Times.
This latest phase will see the deployment of Verisk’s digital Whitespace platform, a cutting-edge solution facilitating seamless interaction between brokers and underwriters for offering, negotiating, placing, and binding reinsurance contracts.
Building upon the success of the pilot conducted in 2023, which facilitated the trading of over US$400 million of premium, Marsh is expanding the digital trading initiative across its UK Specialty and international placement business this year.
By the end of 2024, Marsh anticipates that over 90 per cent of all client premiums in this segment will be processed through the platform, highlighting the significant impact and uptake of digital transformation within the industry.
Dominic Samengo-Turner, UK CEO of Marsh Specialty, said, “The London insurance market is the natural place to expand the rollout of our digital placement strategy, given its importance to the global placement and broking community and the drive towards greater efficiency and innovation through digitisation envisaged in the ambitious Blueprint Two programme.”
“By prioritising ‘data first’ – the transition from relying on documents and emails to structured data – and digitally connecting our clients to the best possible solutions wherever they may be found in the world, we can unlock transformational benefits across the entire insurance ecosystem.”
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