As phase 2 of the London Market modernisation campaign gets underway PPL Chair, Bronek Masojada, urges the market to get behind the campaign and support electronic placement which is making London easier and cheaper to access for our customers. Take a look at the updated campaign website and the range of assets that are available to use.
London didn’t evolve into the world’s largest centre for commercial and specialty risk simply by chance. Likewise, it didn’t evolve into the global leader in aviation or cyber insurance overnight. Each new generation of brokers and underwriters has had to push the market forward. We, like our predecessors, have had to grow our expertise, invent new ways to tackle emerging risks and create superior and differentiated new products to suit our clients’ needs.
Electronic placement presents a further opportunity for our generation to make a positive and lasting impact on London’s future. As the world gets faster, more responsive and more digitalised, the removal of slow and expensive paper-based processes is an imperative.
Whether it’s the ability to improve the speed of delivery to our clients, complement face-to-face conversations or allow you to work more flexibly — electronic placement can deliver real advantages today as we make London cheaper and easier to access for our clients.
Adoption is on the rise
We’ve made an excellent start. PPL adoption is on the rise. Our mission now is to accelerate it, and make the jump from 16 per cent of risks placed electronically to, ultimately, reach 80 per cent. This is an ambitious target, especially as PPL isn’t quite perfect yet. But the more we all use it, the more it will develop and improve, and the more practitioners will choose to embrace it.
If you’re already placing risks electronically, thank you, please keep leading the way and encourage your colleagues to do the same. Your input on how the platform can improve is a vital part of the process, so don’t stop sharing feedback through your PPL Project Manager.
Ask about signing up
If you’re yet to place a risk electronically, please ask your firm about signing up. If your firm is signed up and you still haven’t placed a risk yet, you can access training on the PPL website or speak to your colleagues or a PPL Project Manager to get started.
Shape a stronger future
I ask all of those interested in the long-term success of London to identify and get on with what they can do to make our market’s processes as good as its products. We must embrace the digital age in the same way our clients are doing. The time for sitting on the side lines and waiting for the future to arrive, working perfectly, is over. Be part of what we’re building and, together, let’s shape a stronger future for our market and our clients.