Whitespace, the fully digital e-trading platform and Verisk business, has launched new library and contract builder capabilities.
These enhancements aim to help clients in the global re/insurance market save time and minimise the risk of human error, according to Captive International.
The introduction of this new product is driven by the need to streamline processes and improve accuracy in the contract creation and management workflow.
By reducing the reliance on manual entry and ensuring consistency in contract formatting and tagging, Whitespace addresses a critical pain point for its users.
Whitespace operates as a comprehensive e-trading platform focused on the global re/insurance market. The platform enables digital trading, offering tools and features designed to enhance efficiency and accuracy in the trading process.
The new library and contract builder capabilities introduce significant improvements to Whitespace’s user interface. Designated users can now create and manage a library of company-specific data-first contract clauses, wording, and headings with standardised tagging and formatting.
Additionally, existing Whitespace data-first templates and contracts can be integrated into the library.
These library items can be incorporated into contracts using a multi-select and drag-and-drop interface, maximising efficiency.
An easy-to-use defined data view quickly and accurately populates key contract data, such as policyholder details and dates, enhancing the user experience.
The update is set to be automatically available to all existing Whitespace platform users over a series of releases planned throughout the remainder of 2024. This ensures that all users will benefit from the new functionalities without the need for manual upgrades or installations.
Marcus Broome, chief platform officer of Verisk Whitespace, commented, “This is an exciting addition to the Whitespace Platform functionality that is often requested for digital trading, and we’re delighted to be leading the way. This new functionality offers a streamlined, protected and highly efficient contract building management system with the seamless customer experience that users have come to expect from Whitespace. Our goal was to remove copy and paste from the equation for text-heavy documents, ensuring things like formatting, tagging of data and indentation are respected, saving our users time and reducing the risk of unintended errors.”
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