The announcement comes hot on the heels of a triumphant pilot phase conducted in 2023.
During the pilot, a staggering sum of over $400 million in premium was traded, marking a significant milestone for the initiative. Building on this success, Marsh is poised to broaden the scope of digital trading across its UK specialty and international placement operations throughout 2024.
With ambitious targets in sight, the broker envisions that upwards of 90% of all client premiums within this segment will transition through the digital platform by the year’s end. This strategic move underscores Marsh’s commitment to embracing digital innovation and enhancing efficiency within the insurance market.
The initiative forms an integral component of the company’s worldwide strategy for digitizing insurance placement, which seeks to enhance client satisfaction and operational effectiveness by leveraging data-driven innovation.
The rollout will be delivered through Verisk’s Whitespace platform enabling brokers and underwriters to offer, negotiate, place and bind re/insurance contracts with one another in a digital form, across all classes of re/insurance business and geographies.
Dominic Samengo-Turner, Chief Executive Officer, UK, Marsh Specialty, commented, “The London insurance market is the natural place to expand the rollout of our digital placement strategy, given its key 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.”
He continued: “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 eco-system and unleash a new era of innovation.
“This enhanced digitisation will give us the ability to align our operational processes to the Blueprint programme faster, enabling us to drive benefits for our clients.”
Tim Rayner, Chief Executive Officer, Verisk Specialty Business Solutions, said, “Following last year’s successful pilot, we are pleased to welcome Marsh to the Whitespace platform.
He added: “Our collaboration thus far with Marsh has led to meaningful improvements to the platform, benefiting the London insurance market. As we continue to scale the platform, we expect the arguments for a fully data-first marketplace to become increasingly compelling.”
