The London Market Group has announced plans to revamp its electronic trading platform (PPL) and said it’s looking to expand the lines of business available for trading to include reinsurance.
The Group plans to introduce further enhancements to the platform in April, improving functions to make it relevant to all classes of risks, and will consequently look at adding reinsurance, property, casualty, and aviation.
David Ledger, Chairman of PPL, said the group would be “working closely with market practitioners to ensure that all the issues specific to each line of business are considered before launch.”
The group’s latest PPL market adoption and usage figures demonstrate a positive trend as more classes of business come on-line.
Sectors reported to be growing strongly are Terrorism, Financial, and Professional lines.
David Ledger, Chairman of PPL, commented; “Making London an easier place to do business is vital if we are to protect and grow our market share, and PPL is a critical part of the market’s modernisation programme.
“The combination of electronic placement and face to face negotiation means that market participants can reduce their administrative burden, while maintaining the personal interaction that is a key differentiator of the London Market.
“We estimate that 66% of the open market Financial and Professional Lines risks placed by in-scope brokers* are being written on PPL.”
According to the London Market Group, faster underwriting, more accurate document production, clear audit trails and ease of reporting are key factors improving services and driving the uptake of PPL.
“It is important we build on this good momentum and we are currently continuing to plan with the Marine market to get them on the platform,” Ledger added.
To date, the group boasts a total of 75 carriers, including three MGAs, as well as 18 brokers who have signed up to use the platform.
Latest statistics show over 1,600 risks have been bound and 2,762 endorsements made.
The electronic placing platform allows brokers and insurers to quote, negotiate and bind business electronically.
It went live in July last year, with brokers and underwriters exchanging information on standalone Terrorism risks – the first class of business to go live – and as part of the growing baseline of the technology revolution it works to rid the market of duplication and administration, leaving more time for the value added activities.
