More than 50,000 risks have been bound on the London market’s electronic placement platform, with nearly 12,500 risks bound in the last three months alone, announced the board of the Placing Platform Ltd. (PPL).
“This is another watershed moment for the market and its adoption of electronic placement,” said Bronek Masojada, chairman of the PPL board.
“We have more business partners digitally transferring more risks across more risk classes than ever before,” he said. “The market is making a tremendous investment of time and energy to come together in one place and deliver a more efficient and improved service to our clients.”
This PPL milestone follows another recent milestone when it was announced that more than 100 members of the London and International Insurance Brokers’ Association (LIIBA) have committed to placing risks on PPL.
Further, Lloyd’s has set the June 1, 2019 deadline for brokers to be signed up to a recognized placement platform, while also setting targets for the percentage of business that should be placed electronically from quotation by managing agents.
“All of these are key components in ensuring that we are building a platform which moves documents and data through all risk classes in the market at every stage of the value chain,” said Masojada.
“To help the market through this process and to continue to drive increased usage, the vast majority of our efforts this year will focus on making the platform easier to use and more effective. We will do this by delivering structured customer service and agreed platform updates.”
Electronic placement of risks via PPL is a core component in the London market’s Target Operating Model (TOM) modernization program.
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- Lloyd’s Modernization Plans Move Full-Steam Ahead
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