Following the live launch of the Placing Platform Limited (PPL) Next Gen platform this week, Lockton has announced that it has bound the first risk on the platform with Markel International.
The risk was placed by Lockton’s Profin team and was 100% underwritten by Duncan Sinnott of Markel International.
Carl Smith, Head of Europe Operations and Transformation at Lockton said: “We have been closely involved with the testing of Next Gen and were delighted to bind the first risk on the platform,” said Carl Smith, Head of Europe Operations and Transformation at Lockton. “We were involved at an early stage because Lockton recognise that Next Gen will change the dynamics of the placing process, by helping us to move to a ‘digital first’ approach to placing risks.”
“Congratulations to all involved in the milestone risk placement, and particularly to everyone at PPL, who have worked hard to get the new platform live,”Smith continued. “Having now placed risks on it, we can see Next Gen is an intuitive and user-friendly platform that represents a step change for the London insurance market.”
The PPL Next Gen platform went live for the London market earlier this week following several delays to its roll-out. It aims to improve the original PPL single market solution for electronic placing that allows brokers and insurers to quote, negotiate and bind business electronically.
Transaction volumes are set remain low by design during the first few weeks of the roll-out, which PPL management says should allow market firms to complete training and preparations, and brokers to upload facilities and risks, in preparation for volume trading from the start of April.
“As part of Markel’s drive to make it easier for our broking partners to trade with us, this year we’ve committed to taking things up a few gears when it comes to innovation,” commented Carys Lawton-Bryce, Chief Operating Officer at Markel International. “This means we’re seizing opportunities to work with pioneering companies like PPL and to get involved with progressive digital platforms like Next Gen.”
“To have our very own underwriter, Duncan, as the first underwriter to place a risk on this platform says a lot about how we’re tracking against our innovation goals and we’re only in March! We look forward to continuing our relationship with PPL and to leveraging this platform, to make doing business with Markel a faster and better experience”.
Joe Gordon, CEO of Placing Platform Limited, further stated: “Another pleasing milestone achieved. Thank you and congratulations to Lockton and Markel International who were first out of the traps with Next Gen.”
