News

Modernisation momentum builds on PPL

Modernisation momentum builds on PPL

8th February, 2017

Today the London Market Group announced the latest adoption and usage figures on its electronic trading platform, PPL, demonstrating a positive trend in market adoption as more classes of business come on line.

Terrorism and Financial and Professional lines are growing strongly on PPL. 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 23rd Jan
David Ledger, Chairman of PPL said: “Making London an easier place to do business is vital if we are to protect and grow our market share, and PPL is a critical part of the market’s modernisation programme. The combination of electronic placement and face to face negotiation means that market participants can reduce their administrative burden, while maintaining the personal interaction that is a key differentiator of the London Market.

“The numbers have risen consistently month on month building a positive trend of adoption. We estimate 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 us to deliver a better and more co-ordinated service to our clients.

“It is important we build on this good momentum and we are currently continuing to plan with the Marine market to get them on the platform. The introduction of further enhancements in April will provide additional functionality relevant to all classes. We will then look at other lines of business including Property, Casualty, Reinsurance and Aviation – working closely with market practitioners to ensure that all the issues specific to each line of business are considered before launch”.

ENDS
For more information please contact:

Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158
* In-scope brokers are the 10 brokers that went live with for Financial and Professional Lines

 

Latest Content

Clients need human support in dealing with technology based "new" risks

Full story here

Electronic placement goes live with Aviation

Read the full press release here

Contract signed for central service for delegated authority business

Full story here

Electronic placement goes live with Accident & Health

The board of PPL Ltd announced that the Accident & Health classes of business went live on the platform on Monday 16th April. To read the full press release, please click here

London Market creates permanent body to manage market services

The London Market Group announced today the launch of London Insurance Market Operations & Strategic Sourcing (LIMOSS) led by Managing Director, Patrick Molineux.

Read the full press release here

London Market announces new chair

The London Market Group (LMG) today announced the appointment of Andrew Horton, CEO of Beazley as its new Chair with effect from 4 May 2018. Read the full press release here

PPL TO APPOINT NEW CHAIR WITH ADOPTION THE KEY PRIORITY

Read the full press release here 

Response from chairman Nicolas Aubert to Brexit Transition Announcement

Read in full 

CLAIMS TRANSFORMATION PRIORITISED IN LM TOM

The London Market Group has announced that claims transformation will become a focus for the Target Operating Model (TOM) in 2018. Read more here

PPL Come of age with one of the largest transactions at Lloyd's

Read the full press release here 

Keep in Touch

Get event updates sent to your inbox