Placing Platform Limited (PPL), an electronic trading platform for the London re/insurance market, has launched a broker Early Adoption Programme (EAP), which has a focus on the operationalisation of the platform’s API capabilities and reflects the acceleration of market interest in APIs.
Currently, PPL is working with eight firms to collaborate on design, testing and validation stages ahead of the planned full market rollout.
Brokers WTW and Tysers have spearheaded this new approach with PPL, which signals a step change in the way PPL engages with the London marketplace.
Over five months, PPL, WTW, and Tysers collaborated to design and implement a pilot that tested API connectivity across an end-to-end validation process.
The brokers have officially announced they are now beginning to implement the API into their in-house technology platform and are confident that this will bring operational efficiency and enhanced risk control to their businesses.
Tanya Duckworth, Director of Markets and Partnerships, Placing Platform Limited, commented, “PPL firmly believes that data-first, digital trading across the London market can only be achieved through proactive cross-market collaboration. Our Early Adoption Programme will initially focus on APIs, given the market interest and PPL’s increasing range of enriched APIs that the Next Gen technology platform enables.
“However, I’m excited about what might follow as we collaborate closely with like-minded organisations (brokers, carriers and vendors) in generating a new ecosystem for innovators across the market. I would like to thank WTW and Tysers for their active participation in this first phase of the EAP. We are delighted that together we tested, amended and delivered a robust solution fit for full operational utilisation. It is something now that the whole market can benefit from.”
A number of other organisations including Acord, Novidea, Miller and WebConnectivity are joining the next API phase of the EAP, while brokers Howden and Gallagher will also access PPL via APIs provided by Novidea, also becoming part of the Early Adoption Group.
PPL explains that this phase will focus on an additional set of APIs that facilitate the creation of placements, access to preferred markets for engagements and the upload/download of the MRC and supporting documents. The overall focus will be to co-create ways for brokers to access platform functionality from within their systems and outcomes that will drive increased efficiency, avoid re-keying, and improve both the quality and protection of data.
Dermot Sargent, Broking Platform Leader, Global Broking, WTW, added, “WTW has a strategic technology focus on building API capabilities across the insurance and reinsurance Industry. We are delighted to collaborate with PPL on this exciting programme which could be transformative for our Industry.”
Dan Smith, Head of Software Engineering, Tysers, said, “We are delighted to join PPLs Early Adoption Programme. We see this as an important way of working as we seek to design and secure the journey towards fully digital transactions and claims.”
