Placing Platform Limited has confirmed that it will begin to pilot its new generation of Market APIs during the fourth quarter of 2023, working initially with broker WTW and independent Lloyd’s broker, Tysers.
According to the announcement, the pilot is designed to exercise and validate the end-to-end integrated process and will be followed by releases to its “early adopter” brokers and carriers from early 2024, prior to open market release.
“The key benefit of Next Gen for the market is that the modern architecture allows us to embrace APIs and support the market in its move to modernisation. Simply put, this will allow data to be exchanged digitally between brokers and carriers, and then to flow automatically into the new Blueprint 2 Digital Gateway as CDR records. This represents the next major step forward for digital placement in the London Market and paves the way to digital contracting in Next Gen,” said Tanya Duckworth, Director of Channels & Partners for Placing Platform Limited.
“WTW has a strategic IT focus on building API capabilities across the insurance and reinsurance Industry and we are delighted to work with PPL on this exciting programme which could be transformative for our Industry,” commented Dermot Sargent, Broking Platform Leader, Global Broking, WTW.
“We are delighted to partner with PPL on the API pilot. We see this as an important step forward for the market in its journey towards fully digital transactions and claims,” added Steve Jolley, Chief Information Officer, Tysers.
If you recall, earlier this month, PPL officially removed the option to create a new or renewal firm order on the old platform as it successfully switched to Next Gen.
PPL Next Gen was opened to placements for April. However, in June PPL confirmed there had been an accelerating trend in the uptake and usage of the new platform, with the number of risks added per week increasing by 100% in the last week of the month.
In August, PPL then deployed its first major upgrade since launch, before confirming the switchover to the new platform late last month.
