The Need for Change

Singapore’s general insurance market is on a promising trajectory, with projections indicating it will reach SGD 8.1 billion in gross written premiums (GWP) by 2029 (Source: GlobalData). To achieve this growth, the industry must adopt innovative solutions to replace outdated practices, strengthening its competitive edge.

For decades, brokers and underwriters have relied on traditional modern methods such as emailing PDFs and Word. While these methods ‘did the job’ in the past, they are starting to fall short in today’s world, where things like agility, accuracy, and data security really matter.

The key problem with these methods is their inefficiency. When placing a risk, brokers would email documents to their underwriters with information that often needs to be manually rekeyed into multiple systems. This not only consumes valuable time but also increases the likelihood of human error. Such legacy process results in delays, errors, and frustration for brokers, underwriters, and their clients underscoring the need for more efficient solutions.

As Barry Robinson, Head of Corporate Underwriting and Broker Distribution at QBE Insurance, highlighted during the 12th Asia Insurance Brokers’ Summit: “Turnaround time is the biggest challenge we face because of the volume of work and data at hand.”

With the market evolving rapidly, this is the perfect time for the industry to move on from old-school methods and embrace smarter, more efficient ways of working.

Client Expectations are Evolving

The demand for faster, smoother processes is growing, as consumers now expect the same seamless experiences they get in other sectors, such as online shopping or digital banking. As Philip Johnson, CEO of Price Forbes Asia, explained at the 12th Asia Insurance Brokers’ Summit, “Client expectations have shifted from faster turnaround and transparency to personalised advice and omnichannel experiences shaped by their interactions with digital natives – both within and outside the industry.”

Brokers and underwriters must adapt to these new expectations by leveraging technology to enhance collaboration and improve service delivery. Digital transformation is not merely an option but a necessity to remain competitive in this dynamic market.

This is where Whitespace, a data-first digital trading platform, steps in to make a real difference.

The Whitespace: The Risk Placement Game-Changer

Whitespace is not just a digital trading platform; it’s a fundamental shift in how risk is placed and managed. At its core, Whitespace eliminates reliance on traditional, document-heavy processes such as emailing documents and manually rekeying information into multiple systems. The platform provides a centralised digital trading environment where brokers and underwriters can collaborate in real time, ensuring seamless interaction and alignment throughout the risk placement process.

Whitespace streamlines the placement of risks, replacing static documents with structured data that can flow seamlessly between brokers’ and underwriters’ own systems. This capability unlocks the potential for end-to-end digital insurance processes, offering users a robust foundation for a fully connected and efficient future. For instance, workflows like auto-decline or appetite matching can be developed to streamline decision-making.

For brokers, the platform reduces time spent on administrative tasks - no more tracking down missing information or cross-checking details across multiple systems, and managing lengthy email threads. With Whitespace brokers can get more done in less time, leaving them with more room to focus on what really matters: serving clients and growing the business.

Underwriters also benefit from the platform’s structured data, received from brokers. This allows them to assess risks more quickly and confidently, without the burden of rekeying or dealing with inconsistent data. In addition to quicker and more accurate risk assessment, the data also allows for more reliable reporting on essential metrics like aggregate monitoring.

Whitespace doesn’t just save time - it helps everyone work smarter. By automating routine tasks, the platform helps reduce human error and ensures data is accurate from start to finish. This is a big deal in an industry where small mistakes can lead to major consequences.

Enhancing Collaboration and Transparency

The platform fosters transparency by maintaining a secure, auditable trail of all interactions and key actions, from initial risk submission to final placement. This helps reduce miscommunication and keeps everyone aligned throughout the process.

Moreover, Whitespace offers functionality that streamlines communication, enabling brokers and underwriters to exchange information, negotiate terms, and finalise agreements, all within the platform. By centralising these interactions, the platform addresses the frustrations often associated with fragmented workflows, creating a more cohesive and user-friendly experience.

Meeting Expectations of Tomorrow’s Insurance Clients

Whitespace is not just a response to operational inefficiencies; it is a proactive solution to evolving client expectations. The platform addresses the need for faster, more transparent, and streamlined processes, empowering brokers and underwriters to focus on delivering timely and more accurate solutions that align with their clients’ needs.

In addition, the platform's cloud-based infrastructure ensures scalability and accessibility, enabling users to work from anywhere, at any time, be it from the laptop, iPad or iPhone. This level of flexibility is essential in meeting the demands of a dynamic industry and a tech-savvy client base.

The Singapore Advantage: A Market Ready for Change

Singapore’s position as a global FinTech hub makes it an ideal place for the move to a insurance model, which is now essential for staying competitive. The Monetary Authority of Singapore (MAS) has been a strong supporter of digital innovation in the financial sector, encouraging companies to adopt more agile, tech-driven solutions. The FSTI Scheme, for example, provides government funding to support  businesses implement technology tools that improve efficiency and boost productivity. By covering a significant portion of project costs, the FSTI grants help alleviate the financial burden, allowing companies to implement innovations without straining their budgets. Prospective applicants can access these grants by applying through the MAS's official channels (Source: MAS website)

The benefits of embracing digital transformation are backed by solid data. Accenture’s 2023 Global Insurance Consumer Study (Source: Accenture’s 2023 Global Insurance Consumer Study) reveals that insurers leveraging digital platforms can reduce operational costs by up to 30%. Similarly, PwC’s "Insurance 2025" report  (Source: PwC’s Insurance 2025 Report) highlights how digital transformation enables companies to respond faster to emerging risks and evolving customer needs.

Whitespace, as a data-first digital trading platform, is built to support this shift. By streamlining operations, enhancing efficiency, and fostering seamless collaboration, it equips the industry players to navigate the complexities of a highly competitive market. As Philip Johnson, CEO of Price Forbes Asia noted during the 12^th Broker Summit: “As the industry evolves, there is still a bright future for the insurance brokers who embrace technology and innovation.”

A New Year of Transformation

As we look forward to a new year of growth, change, and new opportunities, insurance professionals in Singapore face a critical decision: will they continue to rely on outdated, inefficient methods, or will they embrace the tools that can revolutionise the way they work?

The path forward is clear: embrace innovation or risk falling behind. This year, take the step towards transformation. Shift your mindset, and stay ahead of the curve. If you don’t act now, others will and the time to move forward is today.