Verisk's digital e-trading platform, Whitespace, announced on August 7 the launch of a new library and contract builder capabilities to help clients in the global (re)insurance market save time and minimise the risk of human error.

This will include upgrades to the user interface to allow designated users to create and manage a library of company-specific data-first contract clauses, wording, and headings with standardised tagging and formatting. Users can also add existing Whitespace data-first templates and contracts to the library.

The updates are instantly accessible across internal teams. In addition, they'll enable clients to:

• Edit items once and have the latest version become available to all users immediately, making the creation of contracts faster, more cost-efficient, and consistent.

• Simplify compliance with relevant regulations by reducing the number of changes required and by ensuring consistency when library items are used.
• Eliminate the need to manually check and edit each template or draft contract, accelerating the process by reducing repetition while minimising the potential for error.

The builder exclusively displays active library items for new or ongoing contracts, guaranteeing that only the most up-to-date versions are used without the need for manual verification. It also alerts users if a contract or template contains outdated items or changes made outside the library, including during renewals.

Library items can be added to a contract through a multi-select and drag-and-drop interface, enhancing efficiency. A user-friendly, defined data view quickly and accurately fills in essential contract data, such as policyholder details and dates.

“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,” said Marcus Broome, chief platform officer of Verisk Whitespace.

The update will be automatically available to all existing Whitespace platform users over a series of releases that are planned through the remainder of 2024.

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