5th April – the board of PPL has announced that over 50,000 risks have now been bound on the platform – with nearly 12,500 risks bound in the last three months alone, demonstrating the breadth and depth of adoption across the market.
Bronek Masojada, Chair of the PPL Board, said: “This is another watershed moment for the market and its adoption of electronic placement. We have more business partners digitally transferring more risks across more risk classes than ever before. The market is making a tremendous investment of time and energy to come together in one place and deliver a more efficient and improved service to our clients.
“This milestone comes hard on the heels of the sign-up of a significant number of brokers, over 100 LIIBA members, and the announcement that Lloyd’s has set its targets for the percentage of business that should be placed electronically from quotation. All of these are key components in ensuring that we are building a platform which moves documents and data through all risk classes in the market at every stage of the value chain.
“To help the market through this process and to continue to drive increased usage, the vast majority of our efforts this year will focus on making the platform easier to use and more effective. We will do this by delivering structured customer service and agreed platform updates.”
PPL is a core component in the London Market Target Operating Model modernisation programme.