A significant update has been implemented by the board of Placing Platform Limited (PPL), including improvements to its facilities functionality and various market requests for alterations.
The PPL has been pushed as a core part of the London Market Group’s (LMG) Target Operating Model, which is looking to make it more efficient to transact insurance and reinsurance business in the London market.
This update, which the board has said is now live, includes an enhancement allowing the broker to select multiple stamps for facilities. The underwriter response is now identical to open market functionality with underwriters able to select stamps and percentage split.
In addition, a new link enables users to quickly and easily toggle between the facility and the associated declarations.
The update also allows placements to be made with open market and facilities both constituting a percentage of the whole. Brokers can choose how much a risk is facilitised and how much is open market. Within that, underwriters have options over stamps and line size.
Adoption of PPL increased significantly among brokers over 2018, according to data by the Board of the London and International Insurance Brokers Association (LIIBA).
Recently, Ed claimed it placed 67% of orders through the platform between August and November 2018, with the company’s Group Head of Broking calling on all brokers to reveal their rate of usage.
“This release reflects the tremendous investment of time and energy that the market is making in evolving the platform to reflect what it wants and needs,” said Bronek Masojada, Chairman of the PPL Board.
“These new capabilities for facilities are a perfect example of how market practitioners identify possible improvements for PPL and then the team delivers the solutions. It is part of our commitment to listening to the market and helping optimise the user experience.”
“Guaranteeing the quality that the market expects and needs is of primary importance to everyone at PPL and the collaboration and participation of all the market firms, both brokers and underwriters, is vital to our ongoing success,” Masojada added.
