Ed Broking, the global reinsurance, wholesale and specialty insurance broker, claims it placed 67% of orders through the London Market’s Placing Platform Limited (PPL) between August and November 2018, with the company’s Group Head of Broking calling on all brokers to reveal their rate of usage.
The PPL has been pushed as a core part of the LMG’s Target Operating Model, which is looking to make it more efficient to transact insurance and reinsurance business in the London market.
According to data released late last year by the Board of the London and International Insurance Brokers Association (LIIBA), adoption had increased significantly among brokers over the course of 2018.
Responding to PPL chairman Bronek Masojada’s call for the publication of a league table of brokers’ adoption of electronic trading, Prinn said, “Bronek is right to point to electronic trading gaining traction. At Ed Broking, we agree that all brokers should demonstrate their ability to change and reveal their rate of PPL usage.”
Ed says its PPL usage rate has been aided by Lloyd’s recognition of the firm’s proprietary electronic placement system ‘TradeEd’ as an eligible platform.
In addition Ed says that Managing Agencies with data feeds connected to TradEd, which Ed uses for all risks, are now able to count these risks towards their own quotas for electronic placement.
“We do everything on TradEd, and use it to build structured slips online, capturing all the data traditionally compiled in a lengthy Word or PDF document,” added Prinn.
“We are now in a position to offer carriers that data via a web service, and in doing so provide cost-reducing benefits to carriers, as well as adhering to quotas for electronic placement.”
“We are actively working with carriers and PPL to develop a system to integrate TradEd data directly into PPL. That is the logical next step, and we are keen to be the first mover.”
