Placing Platform Limited updates the market and launches Marine engagement

Colin O’Malley provided an update to over 60 C-suite guests on PPL progress since going live with Terrorism on the platform in July and the subsequent roll out of Financial and Professional lines in November.

Key statistics:

• 1,900 users are set up on the platform.
• 370 risks have been bound: 931 firm orders and approximately 800 endorsements agreed.
• An estimated 35-55% of in scope Terrorism risks were placed on the platform in October.
• Financial and Professional lines went live in November with 10 brokers and 51 carriers.
• Over 1000 users have accessed the platform’s e-learning systems.

PPL has had its challenges since going live in the summer, summarised as:

• Performance issues. There are plans for performance improvements and the next performance release will be mid-December.
• Managing market priorities. A key challenge has been, and will continue to be, dealing with the different requirements/priorities of the market. However, the market has come together as a whole and is making the difficult decisions required to move us forward.
• Platform functionality. The market, through the PPL governance structure, has agreed a roadmap to deliver their high priority requirements over the next 18 months. These include:
  • Enhanced facilities functionality.
  • Broader subjectivity functionality.
  • Broker and Carrier integration.
  • Handle off line markets.
  • Revised line to stand functionality.

CEO Breakfast – C-Suite Practitioner Comments

Following the business updates and guest presentations guests were invited to put forward their views which included:

• Listen to front line practitioners to make sure the Platform delivers what is required.
• Can we get agreement on data in a common format.
• To win hearts and minds needs functionality and practitioner groups.
• Use of the quote functionality – one firm completed ‘60 quotes in 3 weeks on FinPro and no errors’.
• There will be a detailed update on these key points in the next PPL briefing.

Marine

Joe Dainty, Interim MD, PPL, confirmed that Marine will be the next class of business to go live on PPL and set out the objectives for consultation with Mariners:

• Provide the Mariners with a clear understanding of how PPL works.
• Allow practical hands on experience of the platform.
• Confirm Marine business can be placed on the platform without major issue.
• Agree the scope and roll out of Marine classes.

Engagement has already commenced and there will be further sessions in December to understand how PPL works and capture feedback. The output of these sessions will be played back to the group for agreement.

The successful roll out of the Marine class of business will be dependent upon the engagement and support of the Market, as recognised by Joe Dainty:

“PPL developments are promoted via the Market Associations and your engagement with the relevant Practitioner groups is tremendously important. We will be providing further updates about Practitioner Groups for Marine.”

He asked the market to:

• add PPL and Marine specifically onto internal operations and Board agendas to support improving internal communications and awareness within companies;
• provide C-Suite sponsorship for the nominations of Project Managers within companies who will be key points of contact with the PPL team; and
• consider providing secondees from organisations onto the PPL Programme – particularly those with skillsets in the areas of market facing business analysis, testing, and integration experience.

He recognised “We realise this is a big commitment and ask, but it really does make a positive difference to the Programme.”

If you would like any further information or have any questions, please contact:

Ali Dove, Head of PPL Market Relations and Communications.

Email: Alison.Dove@LLoyds.com

Tel:     020 7327 5842