Marsh has announced the next phase in the rollout of its digital trading initiative for risks placed in the London insurance market, set to be delivered through Verisk’s Whitespace platform.

Following a successful pilot in 2023, which traded over US$400m of premium, Marsh is expanding the use of digital trading across its UK specialty and international placement business this year and anticipates that in excess of 90% of all client premium in that segment will flow through the platform by the end of this year.

Dominic Samengo-Turner, UK CEO, Marsh Specialty, said: “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.

“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, CEO Verisk Specialty Business Solutions, added: “Following last year’s successful pilot, we are pleased to welcome Marsh to the Whitespace platform. 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.”

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