Placing Platform Limited (PPL) has announced the launch of its new data-driven contract capabilities, powered by Artificial’s Contract Builder product.
Integrated into PPL’s core platform, these new features facilitate the market’s transition from document-based processes.
This solution has been designed to address long-standing challenges faced by brokers and carriers.
Tanya Duckworth, Chief Product Officer of PPL, said: “I am pleased that through our partnership with Artificial, PPL is introducing data-driven contract capabilities to our extensive client base.
“This initiative is a key step in advancing the London market’s transition to data-driven trading. Our new capabilities empower clients to realise strategic operational efficiencies while increasing business agility through enhanced data insight.
She added: “As with all our product enhancements, our focus has been on securing business adoption and realising tangible benefits. By building this integrated solution on two tried-and-tested technologies, we have significantly reduced process friction and streamlined IT overheads for our clients.”
PPL’s Digital Contract Capability empowers brokers to create structured data templates with API connectivity to their existing systems. These templates align with ACORD data models and remain fully synchronised throughout the entire placing process.
Furthermore, this solution will support the market’s transition to MRCv3 standards, preparing businesses for the Lloyd’s Core Data Record.
PPL’s data-driven approach promises to streamline workflows, reduce costs, and free up brokers and carriers to focus on building client relationships.
According to PPl, brokers using Artificial’s Contract Builder have already generated 15,000 contracts, over which users have benefited from a 50% improvement in contract creation time and a 75% reduction in time to transpose from MRCv2 to MRCv3.
Brokers can now easily create and update data-first contracts within PPL’s integrated placing platform, streamlining the trading process.
This significantly reduces re-keying and the risk of errors or omissions impacting downstream processes, PPl explained.
PPL will guide clients through the transition to digital contracts over two stages. In the first stage, which is now live, clients will be able to create a structured hierarchy of MRCv3
