Verisk Launches New Library and Contract Building Functionalities

Verisk Launches New Library and Contract Building Functionalities
Whitespace, the digitally-native e-trading platform and a Verisk subsidiary, has announced the launch of new library and contract builder capabilities which will help clients in the global (re)insurance market save time and minimise the risk of human error.

The new functionality introduces major evolutions to Whitespace’s user interface and will allow users to create and manage a library of company-specific data-first contract clauses, wording, and headings with standardised tagging and formatting. Existing Whitespace data-first templates and contracts will also be able to be added to the library.

These flexible templates will be instantly accessible across internal teams, ensuring there is a more consistent and efficient experience as teams create new contracts and templates. Additionally, the new functionalities 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.
  • Show only currently active library items for use in new or in-progress contracts, ensuring that the most up-to-date versions are included without undertaking manual checks. The product will also flag any items that are out of date

Library items can be incorporated into a contract using a multi-select, drag-and-drop interface to maximise efficiency. An easy-to-use data view rapidly and precisely populates key contract data, such as policyholder details and dates.

Marcus Broome, Chief Platform Officer of Verisk Whitespace, commented on the launch: “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.”

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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