PPL has now removed the option to create a new or renewal firm order on the old platform as it successfully switches to Next Gen, the new electronic trading platform for the London insurance market.
The company explains that while the switchover has taken place, orders already created on the old PPL platform can be completed until December 15th, 2023.
PPL has also reiterated that the ability to endorse a firm order already on the old platform will not be impacted as this type of endorsement can still be created and completed on or prior to December 15th.
“We would like to thank the market for working with us over the last six months to get ready for this switchover and look forward to working with you on the wider goal of market digitalisation,” said Joe Gordon, Chief Executive Officer (CEO) at PPL.
PPL Next Gen was opened to placements for April. In June, the company said there had been an accelerating trend in the uptake and usage of the new platform, with the number of risks added per week growing by 100% in the last week of the month.
PPL later announced that the top ten brokers were all live on the new Next Gen platform.
The company then deployed its first major upgrade since launch, before confirming the switchover to the new platform late last month.
PPL says that it is committed to a weekly platform update, where required, through October to continue to improve user experience and remove any issues that might occur under heavier use of the Next Gen platform.
Of course, PPL isn’t the only electronic placing platform in the market. The Whitespace platform has been gaining traction after some recent updates, and Ebix’s new and improved digital placing platform, PlacingHub, is now live.
So, once December comes, market participants will have more choice when it comes to electronic placements and deciding what platform works best for them heading into 2024.
