There’s no slowing down the market’s adoption of electronic placement via Placing Platform Limited (PPL), which has now seen more than 50,000 risks bound on the platform.
According to the latest update by the PPL board, nearly 12,500 risks were bound using the portal in the last three months alone. This comes as no surprise following the recent pronouncement by the London & International Insurance Brokers’ Association (LIIBA) that more than 100 of its members have now committed to signing up.
“This is another watershed moment for the market and its adoption of electronic placement,” stated PPL board chair Bronek Masojada. “We have more business partners digitally transferring more risks across more risk classes than ever before. The market is making a tremendous investment of time and energy to come together in one place and deliver a more efficient and improved service to our clients.
“This milestone comes hard on the heels of the sign-up of a significant number of brokers, over 100 LIIBA members, and the announcement that Lloyd’s has set its targets for the percentage of business that should be placed electronically from quotation.”
The Hiscox chief executive is of the view that all of these developments are key components in ensuring that PPL moves documents and data through all risk classes in the market at every stage of the value chain. He added that the vast majority of PPL’s efforts this year will focus on making the platform more effective and easier to use.