Around 1,000 marine underwriters and brokers have been set up and are ready to start using the platform and risks have already been bound.
On March 6th, Marine business became available on the PPL platform. The marine market is the historic heart of the London insurance market, a world leader in this class of business with a 33% global industry share. Having this significant class of business on the platform is evidence that the system is gaining traction across the market.
Market adoption across existing lines of business on PPL is growing and, as the platform gains more users and improvements come on line, so market confidence is increasing. Since the beginning of 2017, Stand-Alone Political Violence risks have been added as an extension to the Terrorism class of business and Cyber and Medical Malpractice have been added as an extension of Financial and Professional Lines.
Further enhancements scheduled for April will include 20 market change requests, technical enhancements and facilities functionality to all classes. The rollout of other lines of business is in planning: Q2/Q3 will see Property & Casualty on-line with Aviation, Reinsurance, Energy and Construction under discussion with the market groups for their place on the PPL Roadmap. Additional technology enhancements are also being planned for this year including integration capabilities, enhanced endorsement functionality and enhanced management information.
By achieving critical mass of the market online, London will be making progress in becoming an easier place to do business.