The uptake of Placing Platform Limited (PPL), the digital risk transfer platform, has continued to grow, with 250,000 firm orders bound on the platform to date, according to the London Market Group (LMG).
The announcement comes three years after the launch of PPL, which forms a core component of the London Market’s Target Operating Model (TOM).
Currently, more than 1,000 people log onto the platform to quote bind and endorse risks every, LMG said.
The 12-month rolling figure for risks bound on PPL has also increased, growing from 50,000 in April to 69,411 currently, the Group added.
With the increase in adoption, the market associations behind PPL have jointly issued revised guidance on best practices for electronic placement.
“Liquidity and choice are the crucial success factors for any market – actual or electronic, and in three years PPL has achieved critical mass,” said Bronek Masojada, Chair of the PPL Board.
“It is the key foundation stone for enabling the efficient digital placement of complex risks,” he continued. “The focus for everyone should now be getting all the information in properly at the front end so the entire market can benefit from better data throughput at every stage of the value chain.”
Dave Matcham, CEO of the International Underwriting Association (IUA), also commented: “Our members have always been clear that e-placement via PPL must encompass the full process from quote to bind and new PPL guidance is designed to assist the market is achieving that objective.”
“Adoption rates, so far, have been encouraging and should rise further as PPL realises its full potential and continues to evolve and improve its offering,” Matcham added.
Christopher Croft, CEO of the London & International Insurance Brokers’ Association (LIIBA), further stated: “Mutual respect and co-operation in the use of electronic placement is a vital part of making new processes work properly for everyone – most importantly the end client, in the process. Our focus should be on getting it right, right from the start.”
And finally, Sheila Cameron, CEO of the Lloyd’s Market Association (LMA), said: “It is encouraging to have got this far and we must continue to build on these successes if we are to truly realise the benefits for the market and its clients.”
