The Board of the London Market Group’s Placing Platform Limited (PPL) – an electronic placing platform created in July 2016 with the aim of increasing market efficiencies – has announced that Aviation classes of business have gone live.
This follows Lloyd’s of London’s recent mandate for electronic placement, requiring syndicates to progressively write more of their risks electronically.
Accident & Health (A&H) classes of business had recently gone live in April 2018, while Property & Casualty’s inclusion (P&C) was announced by the Board in November 2017.
Chairman of the PPL Board, Bronek Masojada, commented, “With only reinsurance and verticalised placements left to go, this latest release means that underwriters and brokers are able to quote and bind risks across most of the markets.”
“This is key to our goal to drive adoption from current levels to 30% of London risks by the end of 2018. The data in recent weeks show an uptick in activity, with the last day of May seeing more users logged on than ever before,” added Masojada.
“We hope that the considerable activity between market practitioners across different classes of business to help them agree the processes around using the platform will build on this trend.
“However, there needs to be a greater focus on using the platform from the first submission so that our clients can benefit from a fully digitised market.”
