The chair of Placing Platform Limited (PPL), the digital risk transfer platform deployed across the London market, has called on new talent to help build the next generation of e-placement.
Bronek Masojada was speaking at a meeting of over 100 Chief Executive Officers across the London market which sought to examine the next steps on delivering version four of the platform.
2020 goals for PPL were listed as increasing submissions and bringing more into scope, interoperability, and innovation.
“We want engaged market practitioners to help us to build the platform the market wants to use, building great functionality and user experience,” Masojada said.
“I want people to stop sitting on the sidelines and talking a good game, and get up and play.”
“But most of all, we want the market to get involved – we are asking for businesses to second us their talent so that they can help us build the next generation of e-placement.”
Lloyd’s of London Syndicates accepted 65% of in scope risks through electronic placement during the third quarter of 2019, while the use of Placing Platform Limited (PPL) amongst the International Underwriting Association (IUA) companies increased to 53%.
In Q2 2019, Syndicates accepted 60.2% of in scope risks, which compares with 45% in Q1 2019.
“We have more business partners digitally transferring more risks across more risk classes than ever before,” Masojada added.
“The market is making a tremendous investment of time and energy to deliver a more efficient and improved service to our clients. We can and must do more with the platform that we have, while at the same time taking all the necessary steps to make it better.”