The next phase of the London Market’s electronic placing platform is to be reassessed as it’s become clear that not all elements will be ready by September, reports the Board of Placing Platform Limited (PPL).
In December of last year, Bronek Masojada, Chair of the PPL Board, said that the delivery of the next generation of the platform would be in 2022.
As we reported in March, PPL usage was robust in 2021 ahead of the expected introduction of Next Gen, with the platform reporting a 17% rise in the number of risks bound when compared with the previous year, with risks bound moving from 160,346 in 2020 to 187,374 in 2021.
However, today, the Board of PPL has revealed that the new platform is to be reassessed. Specifically, the Board says that it’s now clear that not all elements of Next Gen will be ready in time for a September launch, leading the Board to engage with its sub-committees to understand their priorities.
The Chief Executive Officer (CEO) of PPL, Sue Jakobek, commented: “We always knew that the September launch date was ambitious but, with our market representatives, believed it was right to aim for a window of opportunity in the renewal calendar when the platform is less busy.
“The decision to review the timelines and delivery options results from several factors including the increased complexity and accelerated appetite for APIs. However, the quality of what has been delivered so far is very strong and we have had outstanding feedback from market participants. Now we need to work with the market to ensure the delivery plan fits its priorities.”
Originally rolled out in 2016, PPL enables brokers and insurers to quote, negotiate, bind and endorse business digitally.