Momentum is building in the London market for wider adoption of electronic placement of risks, said the London and International Insurance Brokers’ Association (LIIBA), which announced that more than 100 of its members have now committed to the Placing Platform Ltd. (PPL).
“Brokers are embracing e-placement with increasing enthusiasm and we are seeing that reflected in the number of broking businesses who have agreed terms to go on PPL,” said Christopher Croft, CEO of LIIBA.
“This has been a concerted effort across the teams here at LIIBA and PPL so that brokers have time to get onto the platform before the Lloyd’s deadline of June 1, 2019,” he added.
To remain a Lloyd’s accredited broker, firms need to be signed up to a recognized electronic placement platform by June 1, said a LIIBA representative, explaining that they don’t need to be using the platform, just signed up. “Lloyd’s managing agents are of course mandated to be binding risks already,” the representative said.
“We are seeing more risks placed by more brokers across more risk classes – all strong evidence that electronic placement is being adopted more widely,” Croft continued.
“A year ago, only six brokers were on PPL; today we have over 50 who are active on the platform,” he said, noting that this has increased significantly in the past month.
“The top four brokers now only account for 42 percent of all risks placed – a clear indication that there is much greater traction across all sections of the market,” he noted.
Source: London and International Insurance Brokers’ Association (LIIBA)
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