The London market’s electronic placing platform, PPL Ltd., announced that the treaty reinsurance class of business went live on the platform today, completing its roll out of products.
PPL said its focus will now be on continuous improvement of the technology, functionality and usability of the platform.
“It is great news that PPL now has all insurance and reinsurance classes of business live so that the whole market can continue its progress in adopting electronic placement,” said Bronek Masojada, chairman of the PPL board. “With a record number of risks bound on the platform in recent weeks, there are positive signs that brokers and underwriters are working together to reap the benefits of increased efficiency, reduced back office costs and, most importantly, improved client service.”
The PPL platform, which first began trading in July 2016 with terrorism risks, is a core component of the London Market Target Operating Model (TOM), a program that aims to modernize the market and make it easier to do business in and with the London market.
In March 2017, PPL announced that marine business could be bound on the platform. In November 2017, property/casualty risks came online, while aviation classes of business went live on the platform on June 11, 2018.
The modernization program received a big impetus in March this year when Lloyd’s CEO Inga Beale decided to mandate PPL’s implementation earlier this year.
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