Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of a new application programme interface (API) to help London Market brokers and underwriters place business electronically.
The launch will form part of the Future at Lloyd’s work on developing the next generation of PPL.
The new API is available immediately and is designed to streamline the flow of electronic placement data for submissions and quotes between carriers and brokers using either PPL or any other proprietary platform.
Atrium Underwriting Limited will be the first to adopt the new API, which was developed by Lloyd’s in collaboration with PPL and LIMOSS as well as several other Lloyd’s brokers and underwriters.
“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,” she continued.
“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.”
Susan Jakobek, Managing Director of Placing Platform Limited, also commented: “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.”
“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 & Quote. Next we will move on to look at Firm Order.”
Justin Emrich, Chief Information Officer at Atrium, further stated: “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.”
“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,” Emrich added.