Lloyd’s is committed to modernisation in the London Market and considers e-Placement on the Placing Platform (PPL) to be a critical element of that modernisation.
Placing Platform Limited (PPL), the electronic central placing platform which is a significant element of the London Market TOM modernisation programme, went live on 11 July 2016 with its first class of business, standalone Terrorism.
On 7 November 2016 PPL rolled out Financial and Professional Lines onto the platform. PPL enables brokers and insurers to quote, negotiate and bind business digitally. Since mid-July over 450 firm orders have been bound electronically, over 550 endorsements have been agreed on the platform and more than 200 users logged on to the platform each week.
Subject to any applicable local laws or regulatory requirements, Lloyd’s has confirmed that –
- contracts of (re)insurance may be entered into (and amended or endorsed) electronically by Lloyd’s syndicates (and their agents) using PPL appropriately;
- this does not require the use of physical signatures, ‘scratches’ or stamps;
- contract documentation may be issued by Lloyd’s syndicates via PPL; and
- such proper use of PPL does not contravene any Lloyd’s rule or requirement.
Joe Dainty, Global Head of Operations, Lloyd’s, commented: “We view E-placement via the PPL platform as a vital component for making it easier to do business with the London Market, and for providing accessibility from all locations. To date, London Market brokers and insurers have been keen to grasp the benefits that the platform will deliver, including better customer focus, agility and ultimately, faster responses to the client.”
David Ledger, Chairman, PPL, added: “As the platform continues to roll-out new lines of business, we are receiving interest from overseas Lloyd’s brokers. We will be exploring how we can support jurisdictions that may still have some concerns about adopting this new technology, but our strongest advocates are the brokers and insurers who are now live on the platform.”