Around 100 CEOs from firms across the London insurance market met today to discuss developments in electronic placement for 2020. Key topics covered included; seamlessly connecting the market through APIs, using PPL as the basis for the complex risk platform and next steps in delivering version 4 of the platform.
Bronek Masojada, Chair of Placing Platform Limited and Chief Executive of Hiscox, said “Change happens best in the London Market when we do it together. We have always said that PPL had to keep getting better and today we wanted to report on what has been done so far, and what is coming next.
“But most of all, we want the market to get involved – we are asking for businesses to second to us their talent so that they can help us build the next generation of e-placement. We want engaged market practitioners to help us to build the platform the market wants us to, building great functionality and user experience. I want people to stop sitting on the side lines talking a good game and get up and play.”
2020 goals include:
- Continue to enhance & industrialise the platform
- Increase submissions and bring more into scope
- Data standards & APIs
- Development of Version 4
- Innovation: the journey towards “data first”
Bronek Masojada continued “We have more business partners digitally transferring more risks across more risk classes than ever before. The market is making a tremendous investment of time and energy to deliver a more efficient and improved service to our clients. We can and must do more with the platform that we have, while at the same time taking all the necessary steps to make it better.”
Placing Platform Limited is a not for profit company set up in 2016 to create a single market solution for electronic placing that would allow brokers and insurers to quote, negotiate and bind business electronically.
Since the first risk was bound on PPL in July 2016, the platform has expanded to cover almost all classes of risks placed in the London market, and is used by around 140 carriers and more than 150 broking firms.
PPL supports face to face negotiation across the placement process by enabling a faster and more efficient process for less complex risks. It is the London Market’s e-placing platform of choice, offering best-in-class customer service to the market.