The new functionality introduces major evolutions to Whitespace’s user interface and allows designated 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 can also be added to the library.

A streamlined, protected and highly efficient contract system

These flexible building blocks are instantly accessible across internal teams, creating a consistent and more efficient experience as teams create new contracts and templates. In addition, the new capabilities 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 only presents currently active library items for use in new or in progress contracts, ensuring only the most up-to-date versions are included without having to perform manual checks. It also signals if a contract or template includes items that are out of date or have been changed outside of the library, including on renewal.  

Library items are incorporated into a contract using a multi-select and drag-and-drop interface to maximise efficiency. An easy-to-use defined data view quickly and accurately populates key contract data, such as policy holder details and dates.

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