Data from the London Market Group (LMG) shows that adoption of of Placing Platform Limited (PPL) continued to increase through the fourth quarter of 2019.
Lloyd’s of London syndicates accepted 73% of in scope risks through electronic placement last quarter, and 39% of submissions were electronic. In Q3, syndicates accepted only 65% of in scope risks.
Meanwhile, International Underwriting Association (IUA) companies signed up to PPL accepted an average of 61% of in scope risks, and 42% met or exceeded the target of 80% or more. This compares to an average of 53% in the previous quarter.
One hundred percent of syndicates at Lloyd’s reported under the mandate, and figures for almost all IUA companies signed up to PPL have also been analysed.
The target for Q4 was to have submitted 15% of in scope risks and bound 70% through electronic placement.
“Market co-operation has always delivered the best results in London to make change happen,” said Bronek Masojada, Chair of the PPL Board. “The fact that we are now seeing both submission and placement taking place electronically proves what brokers and underwriters can do by working together so everyone benefits from e-placement.”
“PPL will continue to improve the platform for its users and the market is committed to getting more out of what we have today,” he added.
According the LMG, the top five Lloyd’s syndicates for placement were Pembroke Managing Agency Limited 1947, Asta Managing Agency Limited 3268, Catlin Underwriting Agencies Limited 2003, Sirius International Managing Agency Ltd 1945, and Starr Managing Agents Limited 1919.
And the top five for submissions were Ark Syndicate Management Limited 4020, Ark Syndicate Management Limited 3902, AEGIS Managing Agency Limited 1225, Asta Managing Agency Limited 3268, and Coverys Managing Agency Limited 1975.
“I am delighted that we have hit all of our electronic placement targets, which are a key priority for us as part of the Future at Lloyd’s strategy,” said Lloyd’s Chief Executive John Neal.
“Digital access to Lloyd’s will make it simpler for our distribution partners to do business with us and to focus on what they do best, which is to provide valuable advice to our customers.”
Louise Day, IUA Director of Operations, also commented: “Electronic placement in the company market is now approaching two thirds of in-scope risks processed and we have seen new IUA members adopting the technology in recent months. It is important that the success of PPL in 2019 is built upon to ensure the platform is fully utilised throughout the placement process from quote to bind.”
Christopher Croft, CEO of LIIBA, further stated: “We are enthusiastic proponents of electronic trading. The effort our leading members have committed to providing the backbone of PPL adoption is testament to that, and this data illustrates the efforts they are making every day to improve processes. We now want to see those efforts rewarded with tangible benefit for our clients and see a real drive to improve how we work and the platforms we work on.”
And finally, Sheila Cameron, CEO of the LMA, noted: “The latest figures reinforce what has been an impressive year for PPL in the volumes of submissions and, particularly, in-scope risks placed. The RFP process for the next version of PPL has commenced, and it promises significant system improvements and added functionality. Not only must this provide a better user experience but its successful delivery also underpins the ambitious aims of the Future at Lloyd’s Blueprint in delivering a data driven marketplace.”