The number of companies flocking to PPL, the electronic trading platform of the London Market Group (LMG), continues to rise several months after it was rolled out, the trade body has announced.
According to LMG, more than 1,600 risks have been bound and 2,762 endorsements have been made through PPL since its launch in July 2016. The group said 75 carriers, including three MGAs and 18 brokers, are using the platform.
The trade body said terrorism, financial and professional lines are growing strongly on PPL, which has seen increasing market adoption as more classes of business come on line.
“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,” said chairman David Ledger.
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A key component of the LMG’s modernisation programme, the PPL combines electronic placement and face-to-face negotiation, enabling market participants to reduce their administrative burden. Equipped with various features, it offers many benefits that help the speed of underwriting response, broker turnaround and document production.
“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,” Ledger said.
Ledger revealed future plans for the PPL following encouraging adoption and usage figures.
“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,” he said. “The introduction of further enhancements in April will provide additional functionality relevant to all classes.”
Ledger said the LMG will also look at other lines of business including property, casualty, reinsurance and aviation.
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