PPL, the market’s digital risk transfer platform, announced today that 250,000 firm orders have been bound on the platform in the three years since its launch. Every day, more than 1,000 people log onto the platform to quote, bind and endorse – saving time and paper.
As the market moves to increase the rate at which business is executed from quote to bind on the platform, the three market associations have jointly issued revised guidance on best practices for electronic placement.
Bronek Masojada, Chair of the PPL Board said: “Liquidity and choice are the crucial success factors for any market – actual or electronic, and in three years PPL has achieved critical mass. It is the key foundation stone for enabling the efficient digital placement of complex risks. The focus for everyone should now be getting the all the information in properly at the front end so the entire market can benefit from better data throughput at every stage of the value chain.”
Dave Matcham, CEO of the IUA, said: “Our members have always been clear that e-placement via PPL must encompass the full process from quote to bind and new PPL guidance is designed to assist the market is achieving that objective. Adoption rates, so far, have been encouraging and should rise further as PPL realises its full potential and continues to evolve and improve its offering.”
Christopher Croft, CEO of LIIBA, said: “Mutual respect and co-operation in the use of electronic placement is a vital part of making new processes work properly for everyone – most importantly the end client, in the process. Our focus should be on getting it right, right from the start.”
Sheila Cameron, CEO, LMA said: “It is encouraging to have got this far and we must continue to build on these successes if we are to truly realise the benefits for the market and its clients.”
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158