Placing Platform Limited has confirmed that, as planned, the next phase of the shutdown of the old PPL platform will go ahead in one month’s time, on December 15.
From December 16, Next Gen, the new version of the London insurance market’s electronic trading platform, will become the only PPL platform available to quote, bind and endorse risks.
The ability to create or complete an endorsement will be removed from the old platform, so it is important that all endorsements there are completed by that date, PPL noted.
With the turning off of transactional activity on the old platform on December 15, the creation of the market’s Audit Trails can begin, with the data being delivered to firms by January 24, 2024.
Joe Gordon, CEO at PPL, said: “It is important that the market prepares for the upcoming change by completing all endorsements. Completing the shutdown allows us to focus all of our resources on enhancing Next Gen.”
The PPL Next Gen platform went live for the London market in March 2023, following several delays to its roll-out, and was opened to placements for the entire market in early April.
During June 2023, the firm noted an accelerating trend in the uptake and usage of Next Gen, with the number of risks added per week increasing by 100% in the last week of the month.
In August, PPL announced that the top ten brokers were all live on Next Gen. It later deployed its first major upgrade since launch. This follows five “continuous improvement” releases that have introduced regular enhancements to the platform in the months since its launch.
In September 2023, the firm confirmed that on 1st October, Next Gen would become the only PPL platform available to place new risks. In the same announcement, PPL highlighted that from October, the option to create a new firm order would be removed, though any firm orders created on the old platform before this date can still be completed until December 15.
