Insurance and reinsurance marketplace Lloyd’s of London has decided to increase its targets for electronic placement submissions/quotes for the third and fourth quarters of the year.
From July 1, the target for risks bound will remain at 80%, but the targets for submissions/quotes have been raised to 25% for Q3 and 30% for Q4 on the existing basis of measurement.
As an alternative option, syndicates can hit targets if the number of all electronic responses issued to brokers as a percentage of the number of all electronic submissions received from brokers using a Recognised Electronic System is not less than 25% in Q3 and 35% in Q4.
Members of a syndicate may qualify for a partial rebate of annual subscriptions for 2020 payable by them to Lloyd’s if all of the targets in 2020 are met.
Lloyd’s confirmed back in July that electronic placement would be one of its three key priorities for H2 2020, alongside delegated authority and claims.
It feels that the impacts of COVID-19 have reinforced the importance of progress in electronic placement, and will therefore continue to develop PPL as its document-plus-data version for complex risks, as well as scoping work on a data-first solution.
Data from the London Market Group (LMG) reveals that use of the PPL, the London market’s electronic placement platform, continued to swell through the second-quarter of 2020, reaching an all-time high.
A total of 8,031 risks were bound on the platform in the week commencing June 29th, which represents growth of 43% from the previous quarter.
During the same period, a substantial 20,000 user log ins were recorded on the platform and combined with nearly 2 million page hits on June 30th alone, shows that the use of PPL is increasing across the marketplace.
LMG reported previously that the use of PPL had continued to expand through the final of quarter of last year. This trend continued through Q1 2020 and as COVID-19-induced lockdown restrictions came into effect across the UK, the adoption of PPL has seemingly continued to rise.