Market adoption of Placing Platform Limited’s (PPL’s) electronic trading platform is on the increase, according to recent figures.
Market adoption of Placing Platform Limited’s (PPL’s) electronic trading platform is on the increase, according to recent figures.
Six months from go-live, the latest adoption and usage figures on the London Market’s electronic trading platform, PPL, are demonstrating a positive trend in market adoption. During that time, more than 1,600 risks have been bound and 2,762 endorsements made. 75 carriers including three MGAs and 18 brokers are signed up to use the platform.
Total number of risks bound by renewal month w/c 23 January
David Ledger, Chairman of PPL commented: “The implementation of Terrorism and Financial and Professional lines has demonstrated a very real commitment from the market and the number of quotes, risks and endorsements placed via PPL has risen consistently month on month building a positive trend of adoption.”
| Overall activity | PPL totals 23/01/2017 |
| Total submissions | 334 |
| Total quote requests | 1,170 |
| Total quotes submitted | 651 |
| Total firm order requests | 4,267 |
| Total firm orders bound | 3,920 |
| Total risks bound | 1,598 |
| Total endorsement requests | 3,501 |
| Total endorsements agreed | 2,762 |
It is estimated that 66% of the open market Financial and Professional Lines risks placed by in-scope brokers are being written on PPL. The benefits of faster underwriting, more accurate document production, clear audit trails and ease of reporting are being recognised, and are helping to deliver a better and more co-ordinated service to clients.
One financial lines broker said of their experience of using PPL: “We would like to pass on our positive experiences of using the system. The team has noticed a substantial improvement to the speed of getting lines down from markets on firm order slips and we are managing to limit the amount of paper that we hold. We hope this trend will continue as and when more of our markets and underwriters are added onto the system.”
2017 is a pivotal time for PPL to build on the achievements of the previous year. There has been extensive commitment and hard work from everyone involved to get the platform to where it is today but the market needs to keep building momentum. Making London an easier place to do business is vital to protect and grow its market share, and PPL is a vital part of the market’s modernisation programme.
David Ledger continued: “In terms of introducing more lines of business, we are in discussions with the Marine market to go live next, and the introduction of facilities in April will broaden the platform’s appeal significantly. We will then look at Property, Casualty, Reinsurance and Aviation – working closely with the market practitioners to ensure that we consider all the issues for each line of business before launch.”
There is also an ambitious programme of system releases this year, which is delivering on the contractual roadmap and incorporating change requested by the market.