Placing Platform Limited has enjoyed a “milestone” day after the launch of its Next Gen platform.
Described by CEO Joe Gordon in an emailed Press release as a “significant step” in the market’s journey towards digital operation, it is expected that early take-up will be slow and steady.
“By design, transaction volumes will be low during the first few weeks, allowing market firms to complete training and preparations, and brokers to upload facilities and risks, in preparation for volume trading from the start of April,” he said.
“It’s been a long journey for PPL to get to this point, and we thank our partners across the market for their continued support throughout that period.”
Binding its first risk in 2016, PPL is a not-for-profit company that aims to provide a single market solution towards electronic placing. The idea is that both insurers and brokers can quote, negotiate and bind business through the platform.
Since its launch it has expanded to cover almost all classes of risk across the London market and is estimated to be used by around 400 broking and underwriting firms.
