The board of Placing Platform Limited (PPL) has announced that its Next Gen platform will go live on February 20, 2023.
Next Gen 1.0 will have the same features as PPL’s current capabilities but will sport an improved interface. The platform will support the placing lifecycle, from quoting all the way to binding, and will also help users with endorsements.
The launch of the new platform comes after PPL posted a very successful 2022.
“The announcement of the go-live date for Next Gen is the culmination of a strong year for PPL,” said PPL CEO Sue Jakobek. “In 2022 we bound approximately 200,000 risks – three times the number done before the pandemic, and 400 firms across 34 countries used the platform. Working with our subject matter experts in the market means that users will have a cleaner, smarter journey through the placement lifecycle, removing pain points and enhancing the user experience.”
In July, PPL named Joe Gordon as its newest CEO. Joining PPL from QBE, Gordon will succeed current CEO Sue Jakobek, who will retire by the end of December. It was also during Gordon’s appointment that PPL first revealed that the initial build of its Next Gen platform would be released next year.
“On behalf of the market I would like to thank Sue for what she has delivered in the last six years,” said PPL chair Bronek Masojada. “When she arrived, we were barely making progress on e-placement. Under her leadership PPL has become the market utility for electronic placement and, without it, the London market would not have been able to trade through the pandemic.”
Masojada added that the launch of Next Gen is just the beginning, as PPL has plans for further enhancements. PPL previously announced that the next part of the platform, Next Gen 2.0, will launch sometime between June and July of 2023.
“We are also working closely with Lloyd’s to define a roadmap for alignment with Blueprint 2 – this will include how we populate the gateway with available CDR data and align data structures and standards with ACORD/MRC v 3 so brokers and carriers only have to invest in system changes once to prepare data,” the chair noted.
