PRESS RELEASE: Digitalising underwriting is a game-changer for Financial Lines MGA
As part of its digitalisation strategy, OneAdvent has adopted the Whitespace platform, providing its Financial Lines MGA with more flexibility and security in the current remote working environment.
OneAdvent, the London-based intermediary, recently announced that it has joined the Whitespace platform to create efficiencies and to simplify existing underwriting processes. Crucially, OneAdvent has leveraged the system to ensure continuity of service and address the needs of its broker and carrier partners quickly and easily, whilst its Financial Lines underwriting team has been working from home.
Whitespace, the digital e-trading platform recently acquired by Sequel, allows brokers and underwriters to transact insurance business from anywhere, at any time, on multiple devices. With the insurance world desperately searching for ways to streamline interactions within the distribution chain, as well as strip out cost, technological innovations such as this have been transformative.
OneAdvent launched its specialist Financial Lines MGA in August 2019. Its team offers comprehensive coverage across a number of major verticals, with a focus on Financial Institutions (FI) and Commercial D&O. With COVID-19 causing insurers to revaluate their exposures and risks in relation to financial lines products, it has been more important than ever to ensure a real time conversation between involved parties.
Roberto Murru, Head of Financial Lines at OneAdvent commented;
“The Whitespace platform enables more transparency as everyone can review any changes at the touch of a button and it allows us to deliver a consistently high level of service. Trading digitally with our brokers increases our capabilities that would not be possible with paper.”
Tim Quayle, MD at OneAdvent added;
“The pandemic accelerated the digital strategy at many insurance businesses, including our own, and Lloyd’s increased target for electronic risk placement to 90% in 2021 further highlighted the need for change. The system is extremely user-friendly and the digital audit trail is invaluable.”
For more information, please contact Sophie Farrow on [email protected].
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyds broker and niche product distribution business, OneAdvent brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.