Global insurance and reinsurance broker Marsh has announced that in 2018, it had placed more than 10,000 risks through the London Market Group’s (LMG) electronic placement platform, Placing Platform Limited (PPL).
In total, Marsh has now placed more than 15,000 risks on the electronic platform, which is used by the Lloyd’s of London insurance and reinsurance marketplace, London market insurers, and brokers.
The Board of the London and International Insurance Brokers Association (LIIBA) said in December last year that PPL adoption among the broker community had seen a steady rise.
Paul Moody, Chief Executive Officer (CEO), UK Specialties, Marsh, said: “We’re delighted to achieve this significant milestone on PPL. By driving adoption of electronic placement we are able to enhance service to clients by producing key documentation when the risk is bound, which can then be sent to clients on the same day.
“With all policy details stored digitally in one place, insurers can easily access risk information in the event of a claim, making the process more efficient for clients. Marsh fully supports PPL and is committed to accelerating adoption of the platform.”
The PPL is 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.
Christopher Croft, CEO of LIIBA, also said, “These figures show that Marsh has been at the vanguard of driving better client service in London through electronic trading on PPL. Its sterling efforts are leading this market in delivering greater efficiency, responsiveness and, ultimately, a superior outcome for our customers. Over 60 LIIBA members are now signed up to PPL and more than 50 of them are active on the platform. London is fast becoming the digital marketplace we need, which is good news for our clients.”