Last month London & International Insurance Brokers’ Association (LIIBA) chief executive Christopher Croft noted the progress in electronic placement adoption – citing increases across risks, brokers, and risk classes.
Now global reinsurance, wholesale, and specialty broker Ed has announced its own Placing Platform Limited (PPL) usage rate. Supporting the call to publish PPL league tables, Ed said it placed 67% of firm orders through the electronic placement system between August and November last year.
“Bronek [Masojada] is right to point to electronic trading gaining traction,” stated Ed’s group head of broking Jonathan Prinn. “At Ed Broking, we agree that all brokers should demonstrate their ability to change and reveal their rate of PPL usage.”
Masojada serves as board chair of PPL, which is a core component of the London Market Target Operating Model.
Ed, meanwhile, has its own proprietary electronic placement system for wholesale (re)insurance called TradEd. The broker said it is recognised by Lloyd’s as an eligible electronic placement platform and that using it helps raise electronic broking awareness among clients.
“We do everything on TradEd, and use it to build structured slips online, capturing all the data traditionally compiled in a lengthy Word or PDF document,” explained Prinn. “We are now in a position to offer carriers that data via a web service, and in doing so provide cost-reducing benefits to carriers, as well as adhering to quotas for electronic placement.
“We are actively working with carriers and PPL to develop a system to integrate TradEd data directly into PPL. That is the logical next step, and we are keen to be the first mover.”