Marsh has announced the next phase in the rollout of its digital trading initiative for risks placed in the London insurance market.
The initiative is part of the company’s global insurance placement digitisation strategy, Marsh says, designed to improve the client experience and operational efficiency through data-led innovation.
The rollout will be delivered through Verisk’s digital Whitespace platform, which enables brokers and underwriters to offer, negotiate, place and bind reinsurance contracts with one another.
Based in New Jersey, Verisk is a multinational data analytics and risk assessment firm.
Following the initiative’s pilot in 2023, which traded over US$400 million of premium, Marsh is expanding the use of digital trading across its UK Specialty and international placement business this year.
The company anticipates that in excess of 90 per cent of all client premium in that segment will flow through the platform by the end of 2024.
Dominic Samengo-Turner, UK CEO of Marsh Specialty, comments: “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.”
He adds: “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.”
