The board of Placing Platform Limited (PPL), a core component of the London Market’s Target Operating Model, has announced that over 50,000 risks have now been bound on the platform, with close to 12,500 bound in just the last three months.
The adoption of electronic placement is increasing across the London market as an overall drive for greater insurance and reinsurance sector efficiency continues.
PPL adoption exceeded targets in the fourth-quarter of 2018, with data showing that adoption levels among Lloyd’s syndicates and International Underwriting Association (IUW) companies exceeded targets.
“This is another watershed moment for the market and its adoption of electronic placement. We have more business partners digitally transferring more risks across more risk classes than ever before,” said Bronek Masojada, Chairman of the PPL Board.
“The market is making a tremendous investment of time and energy to come together in one place and deliver a more efficient and improved service to our clients.”
This announcement comes soon after news broke that more than 100 members of the London International Insurance Brokers’ Association (LIIBA) have now committed to signing up for PPL
“To help the market through this process and to continue to drive increased usage, the vast majority of our efforts this year will focus on making the platform easier to use and more effective,” Masojada added.
“We will do this by delivering structured customer service and agreed platform updates.”