Data from the London Market Group (LMG) reveals that use of the Placing Platform Limited (PPL), the London market’s electronic placement platform, continued to swell through the second-quarter of 2020, reaching an all-time high.
A total of 8,031 risks were bound on the platform in the week commencing June 29th, which represents growth of 43% from the previous quarter.
During the same period, a substantial 20,000 user log ins were recorded on the platform and combined with nearly 2 million page hits on June 30th alone, shows that the use of PPL is increasing across the marketplace.
LMG reported previously that the use of PPL had continued to expand through the final of quarter of last year. This trend continued through Q1 2020 and as COVID-19-induced lockdown restrictions came into effect across the UK, the adoption of PPL has seemingly continued to rise.
The chart below, provided by PPL, shows the number of risks bound on PPL on a monthly basis.
Susan Jakobek, Chief Executive Officer (CEO) of PPL, commented: “July renewals are a crucial time for the market, and the most recent statistics illustrate how well the London Market has supported its clients and business partners through lockdown by embracing the e-placement solution it has built over the last several years.
“The ability of the platform to respond to this increased usage is a testament to the support provided by Ebix. Their help in ensuring the platform is resilient and responds well is vital and we are delighted to be extending our contract with them to support the current platform through to the end of 2021.”