More than 100 members of the London International Insurance Brokers’ Association (LIIBA) have now committed to signing up for the Placing Platform Limited (PPL), a core component of the London Market’s Target Operating Model.
The adoption of electronic placement is increasing across the London market as an overall drive for greater insurance and reinsurance sector efficiency continues.
PPL adoption exceeded targets in the fourth-quarter of 2018, with data showing that adoption levels among Lloyd’s syndicates and International Underwriting Association (IUW) companies exceeded targets.
Now, LIIBA has revealed that over 100 of its members have now committed to signing up for PPL, underlining continued momentum.
LIIBA’s Chief Executive Officer (CEO), Christopher Croft, said: “Brokers are embracing e-placement with increasing enthusiasm and we are seeing that reflected in the number of broking businesses who have agreed terms to go on PPL. This has been a concerted effort across the teams here at Liiba and PPL so that brokers have time to get onto the platform before the Lloyd’s deadline of 1 June 2019.
“We are seeing more risks placed by more brokers across more risk classes – all strong evidence that electronic placement is being adopted more widely. A year ago, only six brokers were on PPL, today we have over 50 who are active on the platform. This has increased significantly in the last month and we expect to report another milestone in the next few weeks.
“The top four brokers now only account for 42% of all risks placed – a clear indication that there is much greater traction across all sections of the market.”