Bronek Masojada, Chair of the PPL Board, has said that delivery of the next generation of the platform will be in 2022.
Speaking during a CEO Breakfast event this week, Masojada confirmed the timeline for the next phase of London Market’s electronic placing platform.
Originally rolled out in 2016, Placing Platform Limited (PPL) enables brokers and insurers to quote, negotiate, bind and endorse business digitally.
Since its launch, PPL has expanded to cover almost all classes of risks placed in the London market, and is used by around 190 carriers and 192 broker firms.
“The market deserves a victory roll for its adoption of e-placement so far,” Masojada said to an audience of more than 100 market leaders.
“Nearly 400 firms are active on the platform and there are 3.3 million broker to stamp connections – demonstrating how interconnected the platform is,” he continued. “But the market wants and deserves a platform that can help it deliver on its ambition to be digital and that is what the next generation of PPL will do. It will take the market to digital closing of contracts and digital exchange of information.”
“Adoption of all new initiatives across the London Market is a step by step process and this will be no different. We have no data now, and for sure we won’t deliver everything a perfectionist would like in version 1, but we will be working with Lloyd’s and the market to deliver the Core Data Record.”
Masojada went on: “While 2021 was a successful year for growing usage of the platform, we did have to navigate some build difficulties with Next Gen which has lost us some time. But progress is being made and the teams are working hard to catch up and we are confident that we will deliver the first version in 2022. The exact dates will be agreed with the market so that it is timed with quieter months for renewals etc.”