Verisk’s Whitespace launches new contract library & builder features

Whitespace, a Verisk company and fully digital e-trading platform, has launched a new contract data library and enhanced contract builder functionality.

The upgraded functionality significantly improves Whitespace’s user interface, enabling users to create and manage a library of company-specific contract clauses, wording, and headings with standardised tagging and formatting. Existing Whitespace templates and contracts can also be added to the library.

These flexible building blocks are readily available to internal teams, ensuring a consistent and efficient experience when creating new contracts and templates.

With the new features, clients can make edits that are immediately available to all users, speeding up contract creation and improving cost efficiency and consistency. This system simplifies compliance with regulations by reducing the need for frequent changes and ensuring uniformity when library items are used. It eliminates the need for manual checks and edits, accelerating the process and minimising errors.

The contract builder only shows active library items for use in new or ongoing contracts, guaranteeing that only the latest versions are included without manual verification. It also alerts users if a contract or template contains outdated or modified items, including during renewals.

Library items are incorporated into contracts using a multi-select and drag-and-drop interface, maximising efficiency. A user-friendly data view quickly populates essential contract information, such as policyholder details and dates.

Marcus Broome, Chief Platform Officer of Verisk Whitespace, stated, “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.”

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