PPL chair voices concerns over those who are yet to sign up
The latest Placing Platform Limited (PPL) results demonstrate an uptake in the number of risks being placed on the platform, but there is still some way go, according to the Board’s chair.
The results, as seen in the table, inform that the number of risks placed has increased from 300 a week at the end of December 2017 to around 400 at the end of May 2018.
Most major classes of businesses are binding over 10% of their risks on PPL, with financial and professional lines leading the levels of adoption at just under 60%
Commenting on the latest data, Bronek Masojada, chair of the PPL Board and chief executive of Hiscox said: “Levels of activity on the platform inevitably ebb and flow reflecting renewal activity in the market, but the adoption trend on PPL is moving upwards.
“Lloyd’s, the IUA and LIIBA will all be looking to their members to report their activity on all live classes of business in Q2, and we hope that this increased transparency over usage will encourage firms to widen and deepen their activity on the platform,” hew said.
However, Masojada said more work sneeds to be done and encouraged further buy-in from firms in the market who have not yet gone live.
“There are still too many firms who have not yet gone live – or even signed up, so I ask all those interested in the long-term success of London to identify what they need to do to get on board and get on with it,” he said.
“Our goal is to drive adoption from current levels to 30% of London risks by the end of 2018. And, as importantly, we want those risks to start from submission. Submissions have doubled since the beginning of the year – but from a very low base. If we don’t get it right, right from the start, we are squandering the opportunity to get accurate data at the front end of the placement process and then the critical structured data at the end. We will only be doing part of the job we need to do.”
Christopher Croft, chief executive of LIIBA, added: “Everything about these numbers is moving in the right direction. Endorsement requests and acceptances show solid growth as do firm orders. Quote requests received made a particularly big leap forward in May.”
LIIBA is currently working with members who have not yet signed up, demoing weekly to demonstrate the benefits of the platform. However, Croft said it’s not just about signing up.
“It’s about using PPL in the most effective way possible, he said. “That means not waiting till the risk is bound to put the data onto the system, but to ensure its used from initial submission. This is how we can ensure that our clients will reap the maximum benefit possible from the market-wide adoption of this innovative technology.”
PPL is a core component of the London Market Target Operating Model.