Since the London Market began remote working nearly three weeks ago, Placing Platform Limited has been tracking activity and performance as brokers and underwriters increasingly use the platform to transact business.

Susan Jakobek, Managing Director of Placing Platform Limited, said “March 31st was a record day for the volume of trades on PPL. Last week the market placed over 5,600 risks – around 2,000 risks higher than the previously weekly high. All the statistics show that usage and adoption are growing at pace. Even more importantly, the experience is proving to be positive with brokers commenting on the good response times from underwriters, and more brokers starting the process from quote. Collaboration has got us to where we are today. The market built this platform and it is great that it can support everyone in these extraordinary times.”

Key statistics include

  • The number of unique users on the platform has risen by 40% since 14th March
  • 550 new users set up in a fortnight (by comparison, in 2019 we averaged 336 new users per month).
  • 102 broking firms placed business on the platform.
  • Number of submissions doubled
  • 214 users registered for training sessions (in the same period for 2019 we had 136 users registered.)

There is also a steady flow of new companies – both underwriters and brokers, looking to join the platform with two contracts agreed in March and another nine in the process.