The London Market is speeding up. Every day we get closer to becoming the world’s first insurance market where people place the majority of risks electronically.
Your effort in adopting electronic placement is paying off. In 2017, the number of risks bound on PPL was 12,776. In 2018 it was 38,575 – a 200% increase. The number of endorsements requested on PPL increased by over 500%. Across the London Market, 40% of risks were bound electronically in Q4 2018, and Q1 2019 is looking even stronger.
However, there remain corners of the market still using the old paper-based placement process. And too many others are back-loading their risks onto PPL at the final stage of the process, so they are not reaping the full benefit of PPL.
I reiterate, we’re not looking to replace business relationships and face-to-face negotiations. We want to get rid of the paper, the re-keying, the photocopying, the wet stamping and the queuing. As this video outlines.
More effort is required as the bar goes up. The easy wins have been collected. It’s been demonstrated that PPL works, and now it’s time to focus on those who have kept their heads down and not joined the movement.
So please continue to encourage everyone around you – whether brokers or underwriters – to use PPL. And to use it from submission to renewal. The more of us that use it fully, the easier it’ll become, the more benefits we’ll all gain, and the quicker we’ll enhance our service for our London Market clients.