“I want people to stop sitting on the sidelines and talking a good game, and get up and play.”
Those were the words of Placing Platform Limited (PPL) chair Bronek Masojada, who wants greater market involvement when it comes to the continuing development of PPL. Version four of the platform is being developed this year, with sights set on interoperability and increased submissions.
“Change happens best in the London Market when we do it together,” said Masojada yesterday (February 05) at a PPL event attended by around 100 chief executives. “We have always said that PPL had to keep getting better and today we wanted to report on what has been done so far, and what is coming next.
“But most of all, we want the market to get involved – we are asking for businesses to second us their talent so that they can help us build the next generation of e-placement. We want engaged market practitioners to help us to build the platform the market wants to us, building great functionality and user experience.”
PPL’s vision is to create a single market solution for electronic placing that allows brokers and insurers to quote, negotiate, and bind business electronically. The platform has expanded to cover nearly all classes of risks placed in the Lloyd’s market since the first risk was bound in 2016.
“We have more business partners digitally transferring more risks across more risk classes than ever before,” added Masojada, who is also the CEO at Hiscox. “The market is making a tremendous investment of time and energy to deliver a more efficient and improved service to our clients.
We can and must do more with the platform that we have, while at the same time taking all the necessary steps to make it better.”
Meanwhile London & International Insurance Brokers’ Association chair Roy White, who was present at the gathering, concurred.
White noted: “The widespread adoption of PPL has released significant time capacity within our marketplace to focus on the challenge and opportunities coming currently to our market. But there is much we can all still do to seize benefits by making more of what we have today, for example in accelerating the volume of business that starts at submission.
“Electronic trading as currently implemented is but the start of the digitalisation of our market and there are significant prizes for widening this across the entire value chain, including claims.”
