In the three weeks since the London insurance and reinsurance market started working remotely as a result of the global coronavirus pandemic, the number of unique users on the Placing Platform Limited (PPL) has increased by 40%.
PPL, the London market’s electronic placing platform, has been tracking both activity and performance during the COVID-19 outbreak and notes increased use of the platform by brokers and underwriters.
As social distancing measures intensified in an effort to stop the spread of the novel coronavirus outbreak, individuals and entire businesses from across all industries have been forced to work remotely.
Data from the London Market Group revealed that adoption of PPL continued to increase through the fourth quarter of 2019, and an update on its performance so far during the pandemic shows that the market is embracing the need for increased digitisation.
Since the 14th of March, the number of unique users on the platform has risen by 40%, with 550 new users setup in just two weeks, compared with an average of 336 new users per month throughout 2019.
A significant 102 brokerage firms placed business on PPL during the period, while the number of submissions actually doubled. In total, 214 users registered for training sessions, which compares to 136 registered users in the same period in 2019.
Additionally, there’s a steady inflow of new companies, both brokers and underwriters, that are looking to join the platform with two contracts agreed in March and another nine in the process.
Managing Director of PPL, Susan Jakobek, commented: “March 31st was a record day for the volume of trades on PPL. Last week the market placed over 5,600 risks – around 2,000 risks higher than the previously weekly high. All the statistics show that usage and adoption are growing at pace. Even more importantly, the experience is proving to be positive with brokers commenting on the good response times from underwriters, and more brokers starting the process from quote.
“Collaboration has got us to where we are today. The market built this platform and it is great that it can support everyone in these extraordinary times.”
The Lloyd’s and the wider London marketplace are committed to modernising and this includes the use of technology and heightened levels of digitisation in an effort to lower costs and friction. Recently, Lloyd’s announced that it had decided to narrow the focus of its Future at Lloyd’s strategy in light of the pandemic, but the next phase of PPL is one area the market will remain focused on in the coming weeks.