Lloyd’s announced the launch of an application program interface (API), which is designed to help London market brokers and underwriters place business electronically.
The new API is part of the market’s modernization project, called the Future at Lloyd’s, and its work on developing the next generation of Placing Platform Ltd. (PPL), which is the London market’s electronic trading platform.
Lloyd’s said the new API enables the frictionless flow of electronic placement data for submissions and quotes between carriers and brokers using either PPL or any other proprietary platform.
Atrium Underwriters Ltd. will be the first to adopt the new API.
“This is an exciting new development that will enhance and simplify the flow of electronic placement data across the market, as we continue to progress the development of the next generation version of PPL,” said Jennifer Rigby, chief operations officer and executive sponsor of the Future at Lloyd’s.
“At Lloyd’s we want to make digital solutions that deliver better outcomes for our customers in a way that benefits the entire market. We are committed to sharing these benefits as quickly as possible using an open source framework that engenders even greater collaboration and engagement across the Lloyd’s ecosystem,” she added.
“The ability to share data is one of the core components in enhancing PPL and increasing adoption across the market. This development has been a tremendous collaborative effort,” commented Susan Jakobek, managing director of PPL.
“The result is that, when the API is implemented by a market firm, it will be possible to drive PPL entirely from their own systems without using the platform’s user interface for submission and quote. Next we will move on to look at firm order,” continued Jakobek.
“With this development we have the opportunity to significantly streamline the process of taking in business through all the various stages starting with submission to quote, from a single user interface,” said Justin Emrich, chief information officer at Atrium. “Our vision is to deliver a single screen for underwriters with no logging in, no copying and pasting, no duplicate or manual entry, everything inter-connected from within the Atrium software ecosystem.”
APIs are vital for improving the flow of digital data around the market, said Lloyd’s, noting that they benefit brokers and carriers by enabling them to work from their own systems, reducing the need for double entry of data and documents. These APIs are now available via the new Lloyd’s Developer Portal, with support offered by PPL and London Insurance Market Operations & Strategic Sourcing (LIMOSS).
The new API was developed by Lloyd’s in collaboration with PPL and LIMOSS as well as several other Lloyd’s brokers and underwriters. LIMOSS is a not-for-profit company, owned by the Lloyd’s Market Association (LMA), the International Underwriting Association (IUA) and Lloyd’s. It sources and operates common market services for the London insurance market.
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