Guidelines developed by the London Market for its electronic placing platform will ensure that users get the very best out of the service.
Many brokers and underwriters are enjoying the benefits of the London Market’s electronic placing platform which is speeding up processes and providing the market with better data. For example, around 60 per cent of Financial & Professional Lines are now placed on the platform and around 12 percent of all market risks.
To ensure that the market is clear about how to use the platform and get the very best out of it for their clients, the market associations – with their members – have developed an agreed set of guidelines to create a basis for brokers and underwriters to move towards trading via the PPL platform. The platform supports the use of face-to-face negotiation and will ensure that the great client service, for which London is renowned, is built upon.
Louise Day, Director of Operations, IUA, says: “This is all about being able to deliver the best possible service for our clients. By giving the whole market clarity over how to use the platform, brokers and underwriters will be able to move forward in partnership in developing efficient working practices.”
Jackie Hobbs, Associate Director of LIIBA explains: “This market guidance is designed to help new users understand how the PPL platform sits with their working day and current processes. Undoubtedly, it will evolve as the platform becomes adopted more widely and new classes of business come on line but this provides a great starting point.”
A leading market
Tom Payne, Director, Market Operations, LMA, adds: “PPL is a core part of our drive to ensure London remains a leading global re/insurance market. Developing these guidelines collaboratively means that we can negotiate new ways of working together, ensuring that we keep those things that make London unique.”
The guidelines can be downloaded here. Share them with your team and understand how you and your clients can realise the benefits of London’s electronic platform – a key part of the London Market’s success story.